{"F": {"ts_code": "603696.SH", "name": "安记食品", "mkt": "CN", "ccy": "元", "sw1": "食品饮料", "sw2": "调味发酵品Ⅱ", "sw3": "调味发酵品Ⅲ", "ind": "调味发酵品Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20151209", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.13, "pe_ttm": 112.5239, "pb": 6.279, "dv_ttm": 0.4627, "total_mv": 355857.6, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.8, 21.6, 16.3, 18.9, 18.1, 17.4], "rev_series": [4.2, 5.5, 5.6, 5.6, 5.4, 5.9], "np_series": [0.5, 0.5, 0.1, 0.3, 0.4, 0.3], "roe_series": [8.8, 7.8, 2.2, 5.4, 6.5, 4.9], "period": "20260630", "rev_ttm": 5.9, "np_ttm": 0.3, "ocf_ttm": 0.3, "fcf_ttm": 0.2, "fcf_yield": 0.5, "ocf_yield": 0.9, "gm_median": 18.1, "gm_std": 1.8, "gm_stab": 0.9, "gm_chg_2022": -8.5, "npm_median": 5.1, "roe_median": 5.4, "commodity": false, "hard_ratio": 38.7, "fix_assets": 2.3, "goodwill_ratio": 0.0, "pb_calc": 6.28, "capex_dep": 1.23, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 5.9, "debt_mv": 0.0, "payout": 60.0, "div_years": 5, "rev_cagr3": 1.7, "np_cagr3": 25.7, "rev_yoy": 0.5, "np_yoy": 33.0, "np_vol": 60.2, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["其他业务", 32.0], ["复合调味粉", 14.0], ["酱类调味品", 2.0]], "ret_prev_year": 151.4, "ret_prev2_year": -22.3, "ret_ytd": -25.1, "ret_pivot": 131.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 14.7, "ret_60": 21.2, "ret_120": -9.0, "ret_250": 25.5, "mdd_250": -61.6, "vol_250": 63.5, "pos_52w": 56.4}, "S": {"duration": 94, "pricing": 44, "hard": 62, "bondness": 42}, "label": "重资产陷阱", "tags": [], "text": {"像什么": ["资产很重:固定资产占总资产 39%,但毛利率近 5 年中位只有 18.1%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -8.5 个百分点;有息负债/EBITDA 0.0 倍,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 39%),没有定价权:毛利率近 5 年中位 18.1%,稳定度 90%。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": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.5%(经营现金流/市值 0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.1%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -8.5 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 39%,资本开支/折旧 1.23 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 112.5 倍 粗算,约 96%(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 26%,最大回撤 -62%,年化波动 64%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 15% / 21% / -9%。", "行业对照": ["同申万二级「调味发酵品Ⅱ」15 家中位:PE 27.1 / 股息率 2.4% / 毛利率 34.4% / 固定资产占比 39% / 分红率 67%。", "安记食品:PE 比行业中位高 85.4倍;股息率 比行业中位低 1.9个百分点;毛利率 比行业中位低 16.3个百分点;固定资产占比 与行业中位持平。"]}}