{"F": {"ts_code": "603605.SH", "name": "珀莱雅", "mkt": "CN", "ccy": "元", "sw1": "美容护理", "sw2": "化妆品", "sw3": "品牌化妆品", "ind": "化妆品", "fin_source": "tushare", "market": "主板", "list_date": "20171115", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 63.04, "pe_ttm": 13.3693, "pb": 3.7495, "dv_ttm": 3.1452, "total_mv": 2496233.3344, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [63.6, 66.5, 69.7, 69.9, 71.4, 73.3], "rev_series": [37.5, 46.3, 63.9, 89.0, 107.8, 106.0], "np_series": [4.8, 5.8, 8.2, 11.9, 15.5, 15.0], "roe_series": [21.5, 21.9, 25.5, 30.3, 31.8, 26.0], "period": "20260630", "rev_ttm": 106.1, "np_ttm": 18.7, "ocf_ttm": 18.5, "fcf_ttm": 16.6, "fcf_yield": 6.7, "ocf_yield": 7.4, "gm_median": 69.9, "gm_std": 2.2, "gm_stab": 0.97, "gm_chg_2022": 6.1, "npm_median": 13.8, "roe_median": 26.0, "commodity": false, "hard_ratio": 9.7, "fix_assets": 10.6, "goodwill_ratio": 8.5, "pb_calc": 3.72, "capex_dep": 2.3, "interest_debt": 9.3, "debt_ebitda": 0.5, "debt_ratio": 33.7, "debt_mv": 3.7, "payout": 42.9, "div_years": 5, "rev_cagr3": 18.4, "np_cagr3": 22.4, "rev_yoy": 0.2, "np_yoy": 46.3, "np_vol": 17.7, "loss_years": 0, "far_share": 63.0, "earn_yield": 7.5, "consensus_n": 34, "fwd_pe": 13.8, "fwd_pe2": 13.9, "fwd_g1": -3.0, "fwd_g2": -0.0, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["护肤类(含洁肤)", 24.0], ["珀莱雅系列", 23.0], ["其他品牌", 10.0]], "ret_prev_year": -17.5, "ret_prev2_year": -14.5, "ret_ytd": -6.3, "ret_pivot": -16.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.2, "ret_60": 1.4, "ret_120": -5.3, "ret_250": -27.2, "mdd_250": -39.8, "vol_250": 32.2, "pos_52w": 70.1}, "S": {"duration": 28, "pricing": 80, "hard": 16, "bondness": 37}, "label": "定价权·品牌", "tags": ["轻资产现金牛", "现金流红利", "资本开支扩张期"], "text": {"像什么": ["没有硬资产(固定资产占比 10%)但有定价权:毛利率近 5 年中位 69.9%,稳定度 97%、ROE 近 5 年中位 26.0%。", "自由现金流/市值 6.7%,分红率 43%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 69.9%),硬资产占比 10%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 6.7%(经营现金流/市值 7.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 69.9%,稳定度 97%,2020→2022 成本通胀期毛利率变化 6.1 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 10%,资本开支/折旧 2.30 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.4 倍 粗算,约 63%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -27%,最大回撤 -40%,年化波动 32%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 9% / 1% / -5%。", "行业对照": ["同申万二级「化妆品」16 家中位:PE 31.5 / 股息率 1.5% / 毛利率 53.1% / 固定资产占比 20% / 分红率 50%。", "珀莱雅:PE 比行业中位低 18.1倍;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位高 16.8个百分点;固定资产占比 比行业中位低 10.4个百分点。"]}}