{"F": {"ts_code": "603101.SH", "name": "汇嘉时代", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "多业态零售", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "20160506", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.69, "pe_ttm": 33.4925, "pb": 2.4661, "dv_ttm": 1.2864, "total_mv": 361737.6, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.7, 35.5, 35.6, 37.5, 34.0, 35.2], "rev_series": [21.2, 23.9, 19.1, 24.9, 24.1, 24.5], "np_series": [0.2, 0.5, -1.6, 1.6, 0.6, 0.8], "roe_series": [1.2, 3.7, -11.4, 11.7, 4.1, 5.5], "period": "20260630", "rev_ttm": 25.1, "np_ttm": 1.1, "ocf_ttm": 5.9, "fcf_ttm": 4.8, "fcf_yield": 13.2, "ocf_yield": 16.4, "gm_median": 35.5, "gm_std": 1.1, "gm_stab": 0.97, "gm_chg_2022": 2.9, "npm_median": 2.4, "roe_median": 4.1, "commodity": false, "hard_ratio": 56.1, "fix_assets": 26.1, "goodwill_ratio": 3.0, "pb_calc": 2.47, "capex_dep": 0.82, "interest_debt": 15.4, "debt_ebitda": 3.2, "debt_ratio": 68.3, "debt_mv": 42.5, "payout": 60.9, "div_years": 3, "rev_cagr3": 8.7, "np_cagr3": null, "rev_yoy": 5.0, "np_yoy": 46.4, "np_vol": 225.5, "loss_years": 1, "far_share": 85.0, "earn_yield": 3.0, "consensus_n": 6, "fwd_pe": 28.3, "fwd_pe2": 22.8, "fwd_g1": 18.0, "fwd_g2": 24.0, "peg": 1.18, "consensus_disp": null, "mainbz": [["商超百货零售业务", 41.0], ["商超百货商品销售", 41.0], ["租赁物业物流服务业务", 7.0], ["物业租赁", 5.0]], "ret_prev_year": 4.1, "ret_prev2_year": 45.4, "ret_ytd": -19.6, "ret_pivot": 79.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.5, "ret_60": 13.3, "ret_120": -10.1, "ret_250": -35.6, "mdd_250": -54.1, "vol_250": 50.5, "pos_52w": 56.8}, "S": {"duration": 57, "pricing": 61, "hard": 90, "bondness": 50}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 46%,PE TTM 33.5 倍 但前瞻 PE 28.3 倍,PEG 1.18。", "自由现金流 4.8 亿(正),次年预期增速 24%(6 篇研报),风险在增速假设能否延续。"], "为什么(不)算钱的替代品": "硬资产占比 56%、毛利率 35.5% 两条都占,但所在行业(商贸零售)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "加息期怎么走": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 13.2%(经营现金流/市值 16.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.5%,稳定度 97%,2020→2022 成本通胀期毛利率变化 2.9 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 56%,资本开支/折旧 0.82 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 33.5 倍 粗算,约 85%(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 -36%,最大回撤 -54%,年化波动 50%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 6% / 13% / -10%。 长久期资产波动大是常态;离高点已远,拥挤已部分释放。", "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%。", "汇嘉时代:PE 比行业中位低 27.2倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 1.3个百分点;固定资产占比 比行业中位高 40.7个百分点。"]}}