{"F": {"ts_code": "601116.SH", "name": "三江购物", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "超市", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "20110302", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.36, "pe_ttm": 38.4554, "pb": 1.8857, "dv_ttm": 0.8803, "total_mv": 622162.6624, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.3, 26.1, 27.8, 27.1, 26.8, 25.8], "rev_series": [43.0, 39.2, 40.2, 39.0, 38.8, 39.3], "np_series": [1.2, 0.9, 1.5, 1.4, 1.4, 1.9], "roe_series": [3.9, 2.8, 4.9, 4.4, 4.5, 5.8], "period": "20260630", "rev_ttm": 37.6, "np_ttm": 1.6, "ocf_ttm": 1.8, "fcf_ttm": -0.2, "fcf_yield": -0.3, "ocf_yield": 2.9, "gm_median": 26.8, "gm_std": 0.7, "gm_stab": 0.97, "gm_chg_2022": 3.4, "npm_median": 3.7, "roe_median": 4.5, "commodity": false, "hard_ratio": 26.8, "fix_assets": 13.5, "goodwill_ratio": 0.0, "pb_calc": 1.89, "capex_dep": 3.37, "interest_debt": 2.3, "debt_ebitda": 0.7, "debt_ratio": 34.4, "debt_mv": 3.7, "payout": 76.9, "div_years": 5, "rev_cagr3": -0.8, "np_cagr3": 6.9, "rev_yoy": -8.3, "np_yoy": -28.0, "np_vol": 35.8, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["食品", 26.0], ["生鲜", 18.0], ["日用百货", 4.0]], "ret_prev_year": 29.2, "ret_prev2_year": 2.1, "ret_ytd": -16.9, "ret_pivot": 58.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.4, "ret_60": 3.7, "ret_120": -22.1, "ret_250": 3.6, "mdd_250": -57.1, "vol_250": 63.4, "pos_52w": 52.5}, "S": {"duration": 62, "pricing": 57, "hard": 43, "bondness": 54}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 38.5 倍、股息率 0.9%、毛利率近 5 年中位 26.8%、固定资产占比 27%、有息负债/EBITDA 0.7 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 27%,毛利率近 5 年中位 26.8%。", "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 -0.3%(经营现金流/市值 2.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.8%,稳定度 97%,2020→2022 成本通胀期毛利率变化 3.4 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 27%,资本开支/折旧 3.37 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.5 倍 粗算,约 87%(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 4%,最大回撤 -57%,年化波动 63%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 8% / 4% / -22%。", "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%。", "三江购物:PE 比行业中位低 22.2倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 7.4个百分点;固定资产占比 比行业中位高 11.4个百分点。"]}}