{"F": {"ts_code": "603682.SH", "name": "锦和商管", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "商业物业经营", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "20200421", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.63, "pe_ttm": null, "pb": 7.5641, "dv_ttm": 3.1044, "total_mv": 502267.5, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.0, 39.3, 40.6, 28.7, 25.8, 24.0], "rev_series": [7.4, 9.1, 8.8, 10.3, 10.1, 9.5], "np_series": [1.6, 1.2, 1.0, 1.0, 0.1, -1.2], "roe_series": [12.9, 9.3, 8.6, 8.8, 1.4, -13.5], "period": "20260630", "rev_ttm": 9.1, "np_ttm": -1.7, "ocf_ttm": 6.0, "fcf_ttm": 5.8, "fcf_yield": 11.5, "ocf_yield": 11.9, "gm_median": 28.7, "gm_std": 6.9, "gm_stab": 0.76, "gm_chg_2022": 6.6, "npm_median": 8.1, "roe_median": 8.6, "commodity": false, "hard_ratio": 0.0, "fix_assets": 0.0, "goodwill_ratio": 1.3, "pb_calc": 7.56, "capex_dep": 22.49, "interest_debt": 31.5, "debt_ebitda": 5.1, "debt_ratio": 84.8, "debt_mv": 62.8, "payout": 785.7, "div_years": 4, "rev_cagr3": 2.4, "np_cagr3": null, "rev_yoy": -7.4, "np_yoy": -69.7, "np_vol": 350.9, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 44.0], ["租赁", 32.0], ["物业管理及其他", 12.0], ["物业服务及其他", 12.0]], "ret_prev_year": -8.1, "ret_prev2_year": 39.4, "ret_ytd": 66.9, "ret_pivot": 254.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.8, "ret_60": 28.2, "ret_120": 57.7, "ret_250": 77.8, "mdd_250": -28.1, "vol_250": 54.9, "pos_52w": 80.8}, "S": {"duration": 100, "pricing": 52, "hard": 0, "bondness": 86}, "label": "现金流红利", "tags": ["亏损或困境", "资本开支扩张期"], "text": {"像什么": ["分红率 786%、股息率 3.1%、营收 3 年复合 2.4%、有息负债/EBITDA 5.1 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 0%,毛利率近 5 年中位 28.7%。", "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 11.5%(经营现金流/市值 11.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.7%,稳定度 76%,2020→2022 成本通胀期毛利率变化 6.6 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 0%,资本开支/折旧 22.49 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 78%,最大回撤 -28%,年化波动 55%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 -6% / 28% / 58%。", "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%。", "锦和商管:PE ;股息率 比行业中位高 2.0个百分点;毛利率 比行业中位低 5.5个百分点;固定资产占比 比行业中位低 15.4个百分点。"]}}