{"F": {"ts_code": "603059.SH", "name": "倍加洁", "mkt": "CN", "ccy": "元", "sw1": "美容护理", "sw2": "个护用品", "sw3": "洗护用品", "ind": "个护用品", "fin_source": "tushare", "market": "主板", "list_date": "20180302", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.02, "pe_ttm": 21.0865, "pb": 2.2436, "dv_ttm": 1.3965, "total_mv": 251745.4854, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.0, 20.6, 24.0, 23.2, 23.9, 25.8], "rev_series": [8.3, 10.4, 10.5, 10.7, 13.0, 15.4], "np_series": [0.8, 0.7, 1.0, 0.9, -0.8, 1.1], "roe_series": [7.7, 7.1, 8.7, 7.7, -6.9, 11.0], "period": "20260630", "rev_ttm": 16.9, "np_ttm": 1.2, "ocf_ttm": 1.8, "fcf_ttm": 0.5, "fcf_yield": 1.9, "ocf_yield": 7.3, "gm_median": 23.9, "gm_std": 1.7, "gm_stab": 0.93, "gm_chg_2022": 1.0, "npm_median": 8.0, "roe_median": 7.7, "commodity": false, "hard_ratio": 21.6, "fix_assets": 5.2, "goodwill_ratio": 2.1, "pb_calc": 2.24, "capex_dep": 2.05, "interest_debt": 5.6, "debt_ebitda": 2.2, "debt_ratio": 49.7, "debt_mv": 22.1, "payout": 26.2, "div_years": 4, "rev_cagr3": 13.5, "np_cagr3": 5.7, "rev_yoy": 22.2, "np_yoy": 10.6, "np_vol": 137.7, "loss_years": 1, "far_share": 76.0, "earn_yield": 4.7, "consensus_n": 9, "fwd_pe": 16.9, "fwd_pe2": 13.2, "fwd_g1": 25.0, "fwd_g2": 28.0, "peg": 0.6, "consensus_disp": null, "mainbz": [["产品", 33.0], ["其他收入", 12.0], ["其他产品", 12.0], ["牙刷类产品", 10.0]], "ret_prev_year": 29.7, "ret_prev2_year": 4.4, "ret_ytd": -16.1, "ret_pivot": 37.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.5, "ret_60": -1.9, "ret_120": -22.5, "ret_250": -20.4, "mdd_250": -48.7, "vol_250": 42.4, "pos_52w": 59.3}, "S": {"duration": 41, "pricing": 53, "hard": 35, "bondness": 31}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 21.1 倍、股息率 1.4%、毛利率近 5 年中位 23.9%、固定资产占比 22%、有息负债/EBITDA 2.2 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 22%,毛利率近 5 年中位 23.9%。", "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 1.9%(经营现金流/市值 7.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.9%,稳定度 93%,2020→2022 成本通胀期毛利率变化 1.0 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 22%,资本开支/折旧 2.05 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.1 倍 粗算,约 76%(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 -49%,年化波动 42%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 2% / -2% / -22%。", "行业对照": ["同申万二级「个护用品」12 家中位:PE 25.1 / 股息率 1.8% / 毛利率 28.2% / 固定资产占比 26% / 分红率 70%。", "倍加洁:PE 比行业中位低 4.0倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 4.3个百分点;固定资产占比 比行业中位低 4.2个百分点。"]}}