{"F": {"ts_code": "603043.SH", "name": "广州酒家", "mkt": "CN", "ccy": "元", "sw1": "食品饮料", "sw2": "休闲食品", "sw3": "烘焙食品", "ind": "休闲食品", "fin_source": "tushare", "market": "主板", "list_date": "20170627", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 13.92, "pe_ttm": 16.4134, "pb": 2.1022, "dv_ttm": 3.5962, "total_mv": 787368.6528, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.3, 37.8, 35.6, 35.6, 31.7, 31.6], "rev_series": [32.9, 38.9, 41.1, 49.0, 51.2, 53.8], "np_series": [4.6, 5.6, 5.2, 5.5, 4.9, 4.9], "roe_series": [19.6, 20.2, 16.5, 15.8, 13.1, 12.5], "period": "20260630", "rev_ttm": 55.7, "np_ttm": 4.8, "ocf_ttm": 7.4, "fcf_ttm": 5.0, "fcf_yield": 6.3, "ocf_yield": 9.4, "gm_median": 35.6, "gm_std": 2.4, "gm_stab": 0.93, "gm_chg_2022": -3.7, "npm_median": 11.9, "roe_median": 15.8, "commodity": false, "hard_ratio": 27.0, "fix_assets": 18.1, "goodwill_ratio": 2.3, "pb_calc": 2.1, "capex_dep": 1.68, "interest_debt": 14.2, "debt_ebitda": 1.4, "debt_ratio": 40.2, "debt_mv": 18.0, "payout": 55.3, "div_years": 5, "rev_cagr3": 9.4, "np_cagr3": -2.1, "rev_yoy": 9.4, "np_yoy": -21.2, "np_vol": 10.8, "loss_years": 0, "far_share": 70.0, "earn_yield": 6.1, "consensus_n": 9, "fwd_pe": 15.2, "fwd_pe2": 14.3, "fwd_g1": 8.0, "fwd_g2": 7.0, "peg": 2.17, "consensus_disp": null, "mainbz": [["产品", 28.0], ["食品制造", 17.0], ["食品制造业务", 17.0], ["餐饮业务", 11.0]], "ret_prev_year": 10.1, "ret_prev2_year": -13.4, "ret_ytd": -19.2, "ret_pivot": 13.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.8, "ret_60": -0.6, "ret_120": -14.4, "ret_250": -15.8, "mdd_250": -32.6, "vol_250": 23.5, "pos_52w": 75.7}, "S": {"duration": 34, "pricing": 55, "hard": 43, "bondness": 56}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 55%、股息率 3.6%、营收 3 年复合 9.4%、有息负债/EBITDA 1.4 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 35.6%),硬资产占比 27%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 6.3%(经营现金流/市值 9.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.6%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -3.7 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 1.68 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.4 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -16%,最大回撤 -33%,年化波动 24%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 3% / -1% / -14%。", "行业对照": ["同申万二级「休闲食品」22 家中位:PE 21.1 / 股息率 2.9% / 毛利率 29.5% / 固定资产占比 31% / 分红率 67%。", "广州酒家:PE 比行业中位低 4.7倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 6.1个百分点;固定资产占比 比行业中位低 3.9个百分点。"]}}