{"F": {"ts_code": "600962.SH", "name": "国投中鲁", "mkt": "CN", "ccy": "元", "sw1": "农林牧渔", "sw2": "农产品加工", "sw3": "果蔬加工", "ind": "农产品加工", "fin_source": "tushare", "market": "主板", "list_date": "20040622", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 25.79, "pe_ttm": 382.8684, "pb": 7.1843, "dv_ttm": null, "total_mv": 676239.59, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.9, 15.8, 22.1, 22.7, 15.5, 16.7], "rev_series": [11.5, 14.5, 17.3, 14.9, 19.9, 19.8], "np_series": [-1.2, -0.2, 0.9, 0.6, 0.3, 0.4], "roe_series": [-15.2, -2.8, 12.6, 7.1, 3.3, 4.4], "period": "20260630", "rev_ttm": 18.6, "np_ttm": 0.2, "ocf_ttm": -1.0, "fcf_ttm": -1.5, "fcf_yield": -2.2, "ocf_yield": -1.4, "gm_median": 16.7, "gm_std": 3.1, "gm_stab": 0.81, "gm_chg_2022": 5.2, "npm_median": 3.0, "roe_median": 4.4, "commodity": false, "hard_ratio": 26.7, "fix_assets": 6.0, "goodwill_ratio": 2.5, "pb_calc": 7.18, "capex_dep": 1.51, "interest_debt": 10.3, "debt_ebitda": 8.9, "debt_ratio": 52.0, "debt_mv": 15.2, "payout": null, "div_years": 0, "rev_cagr3": 4.7, "np_cagr3": -23.7, "rev_yoy": -12.4, "np_yoy": -92.7, "np_vol": 230.8, "loss_years": 1, "far_share": 99.0, "earn_yield": 0.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 45.0], ["苹果清汁", 32.0], ["其他收入", 9.0], ["其他产品", 9.0]], "ret_prev_year": 66.8, "ret_prev2_year": 9.1, "ret_ytd": 17.6, "ret_pivot": 123.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.5, "ret_60": 8.2, "ret_120": 26.2, "ret_250": 9.8, "mdd_250": -33.4, "vol_250": 51.9, "pos_52w": 84.5}, "S": {"duration": 100, "pricing": 48, "hard": 43, "bondness": 30}, "label": "中性", "tags": [], "text": {"像什么": ["PE 382.9 倍、股息率 —、毛利率近 5 年中位 16.7%、固定资产占比 27%、有息负债/EBITDA 8.9 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 27%,毛利率近 5 年中位 16.7%。", "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 -2.2%(经营现金流/市值 -1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.7%,稳定度 81%,2020→2022 成本通胀期毛利率变化 5.2 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 27%,资本开支/折旧 1.51 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 382.9 倍 粗算,约 99%(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 10%,最大回撤 -33%,年化波动 52%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 -8% / 8% / 26%。", "行业对照": ["同申万二级「农产品加工」26 家中位:PE 39.2 / 股息率 1.5% / 毛利率 11.9% / 固定资产占比 36% / 分红率 44%。", "国投中鲁:PE 比行业中位高 343.7倍;股息率 ;毛利率 比行业中位高 4.8个百分点;固定资产占比 比行业中位低 8.8个百分点。"]}}