{"F": {"ts_code": "600865.SH", "name": "百大集团", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "百货", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "19940809", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.35, "pe_ttm": null, "pb": 1.8609, "dv_ttm": null, "total_mv": 427032.7405, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [81.7, 82.9, 85.7, 89.1, 90.6, 82.0], "rev_series": [2.4, 2.7, 2.3, 2.2, 1.9, 2.1], "np_series": [3.0, 1.1, 1.8, 0.1, 1.3, 0.1], "roe_series": [14.9, 5.1, 7.7, 0.6, 5.7, 0.4], "period": "20260630", "rev_ttm": 2.0, "np_ttm": -0.4, "ocf_ttm": 0.8, "fcf_ttm": 0.7, "fcf_yield": 1.7, "ocf_yield": 1.8, "gm_median": 85.7, "gm_std": 3.4, "gm_stab": 0.96, "gm_chg_2022": 4.0, "npm_median": 42.3, "roe_median": 5.1, "commodity": false, "hard_ratio": 2.3, "fix_assets": 0.6, "goodwill_ratio": 0.0, "pb_calc": 1.86, "capex_dep": 0.32, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 7.1, "debt_mv": null, "payout": 313.2, "div_years": 4, "rev_cagr3": -3.0, "np_cagr3": -61.9, "rev_yoy": -6.1, "np_yoy": -80.3, "np_vol": 374.3, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["主营业务", 36.0], ["商品销售业务", 21.0], ["其他主营业务", 13.0], ["合计特别调整", 8.0]], "ret_prev_year": 41.5, "ret_prev2_year": 49.5, "ret_ytd": -30.8, "ret_pivot": 87.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 29.6, "ret_60": 23.5, "ret_120": -5.1, "ret_250": 19.9, "mdd_250": -64.6, "vol_250": 52.8, "pos_52w": 52.3}, "S": {"duration": 100, "pricing": 87, "hard": 4, "bondness": 58}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 7%,有息负债 0 亿,经营现金流/市值 1.8%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 85.7%),硬资产占比 2%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 1.7%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 85.7%,稳定度 96%,2020→2022 成本通胀期毛利率变化 4.0 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 2%,资本开支/折旧 0.32 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 20%,最大回撤 -65%,年化波动 53%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 30% / 24% / -5%。", "行业对照": ["同申万二级「一般零售」60 家中位:PE 60.7 / 股息率 1.1% / 毛利率 34.2% / 固定资产占比 15% / 分红率 51%。", "百大集团:PE ;股息率 ;毛利率 比行业中位高 51.5个百分点;固定资产占比 比行业中位低 13.1个百分点。"]}}