{"F": {"ts_code": "603329.SH", "name": "上海雅仕", "mkt": "CN", "ccy": "元", "sw1": "交通运输", "sw2": "物流", "sw3": "原材料供应链服务", "ind": "物流", "fin_source": "tushare", "market": "主板", "list_date": "20171229", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.32, "pe_ttm": 19.593, "pb": 1.6834, "dv_ttm": 0.4457, "total_mv": 258052.8384, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.2, 11.8, 13.6, 8.9, 7.9, 8.9], "rev_series": [17.3, 25.9, 30.9, 25.2, 50.3, 29.1], "np_series": [0.6, 1.4, 1.5, 0.1, 0.4, 0.4], "roe_series": [10.2, 16.2, 13.7, 0.9, 3.8, 3.0], "period": "20260630", "rev_ttm": 28.8, "np_ttm": 1.3, "ocf_ttm": 5.6, "fcf_ttm": 4.1, "fcf_yield": 16.1, "ocf_yield": 21.8, "gm_median": 8.9, "gm_std": 2.2, "gm_stab": 0.76, "gm_chg_2022": 3.5, "npm_median": 1.2, "roe_median": 3.8, "commodity": false, "hard_ratio": 30.9, "fix_assets": 9.0, "goodwill_ratio": 0.0, "pb_calc": 1.68, "capex_dep": 2.97, "interest_debt": 6.9, "debt_ebitda": 2.4, "debt_ratio": 44.9, "debt_mv": 26.7, "payout": 25.6, "div_years": 5, "rev_cagr3": -2.0, "np_cagr3": -36.5, "rev_yoy": -2.2, "np_yoy": 460.7, "np_vol": 147.5, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 41.0], ["供应链执行贸易", 32.0], ["供应链物流", 9.0], ["多式联运", 5.0]], "ret_prev_year": 11.2, "ret_prev2_year": -18.7, "ret_ytd": -5.8, "ret_pivot": 23.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.9, "ret_60": 5.6, "ret_120": -7.3, "ret_250": -14.1, "mdd_250": -29.0, "vol_250": 30.9, "pos_52w": 82.1}, "S": {"duration": 39, "pricing": 41, "hard": 49, "bondness": 39}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 19.6 倍、股息率 0.4%、毛利率近 5 年中位 8.9%、固定资产占比 31%、有息负债/EBITDA 2.4 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 31%),没有定价权:毛利率近 5 年中位 8.9%,稳定度 76%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 16.1%(经营现金流/市值 21.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 8.9%,稳定度 76%,2020→2022 成本通胀期毛利率变化 3.5 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 31%,资本开支/折旧 2.97 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.6 倍 粗算,约 74%(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 -14%,最大回撤 -29%,年化波动 31%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 4% / 6% / -7%。", "行业对照": ["同申万二级「物流」48 家中位:PE 21.4 / 股息率 2.1% / 毛利率 10.3% / 固定资产占比 18% / 分红率 43%。", "上海雅仕:PE 比行业中位低 1.8倍;股息率 比行业中位低 1.7个百分点;毛利率 比行业中位低 1.4个百分点;固定资产占比 比行业中位高 13.3个百分点。"]}}