{"F": {"ts_code": "600882.SH", "name": "妙可蓝多", "mkt": "CN", "ccy": "元", "sw1": "食品饮料", "sw2": "饮料乳品", "sw3": "乳品", "ind": "饮料乳品", "fin_source": "tushare", "market": "主板", "list_date": "19951206", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 21.17, "pe_ttm": 78.707, "pb": 2.2758, "dv_ttm": null, "total_mv": 1076396.2712, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.9, 38.2, 34.2, 29.2, 28.3, 29.0], "rev_series": [28.5, 44.8, 48.3, 40.5, 48.4, 56.3], "np_series": [0.6, 1.5, 1.4, 0.6, 1.1, 1.2], "roe_series": [4.3, 5.2, 3.0, 1.5, 2.6, 2.6], "period": "20260630", "rev_ttm": 63.7, "np_ttm": 1.4, "ocf_ttm": 5.2, "fcf_ttm": 2.5, "fcf_yield": 2.3, "ocf_yield": 4.9, "gm_median": 29.2, "gm_std": 3.8, "gm_stab": 0.87, "gm_chg_2022": -1.8, "npm_median": 2.3, "roe_median": 2.6, "commodity": false, "hard_ratio": 23.6, "fix_assets": 21.2, "goodwill_ratio": 4.3, "pb_calc": 2.28, "capex_dep": 1.36, "interest_debt": 28.8, "debt_ebitda": 4.7, "debt_ratio": 47.2, "debt_mv": 26.7, "payout": null, "div_years": 0, "rev_cagr3": 5.3, "np_cagr3": -4.3, "rev_yoy": 28.7, "np_yoy": 13.7, "np_vol": 77.2, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.3, "consensus_n": 26, "fwd_pe": 31.6, "fwd_pe2": 23.3, "fwd_g1": 149.0, "fwd_g2": 36.0, "peg": 0.88, "consensus_disp": null, "mainbz": [["奶酪产品", 44.0], ["奶酪", 44.0], ["其他主营业务", 4.0], ["其他", 4.0]], "ret_prev_year": 40.4, "ret_prev2_year": 11.4, "ret_ytd": -15.8, "ret_pivot": 67.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.3, "ret_60": 11.9, "ret_120": 2.2, "ret_250": -23.4, "mdd_250": -44.0, "vol_250": 38.1, "pos_52w": 74.2}, "S": {"duration": 86, "pricing": 51, "hard": 38, "bondness": 29}, "label": "中性", "tags": [], "text": {"像什么": ["PE 78.7 倍、股息率 —、毛利率近 5 年中位 29.2%、固定资产占比 24%、有息负债/EBITDA 4.7 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 24%,毛利率近 5 年中位 29.2%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.3%(经营现金流/市值 4.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.2%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -1.8 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 24%,资本开支/折旧 1.36 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 78.7 倍 粗算,约 94%(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 -23%,最大回撤 -44%,年化波动 38%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 -5% / 12% / 2%。", "行业对照": ["同申万二级「饮料乳品」27 家中位:PE 29.0 / 股息率 1.8% / 毛利率 29.2% / 固定资产占比 30% / 分红率 52%。", "妙可蓝多:PE 比行业中位高 49.7倍;股息率 ;毛利率 与行业中位持平;固定资产占比 比行业中位低 6.1个百分点。"]}}