{"F": {"ts_code": "603697.SH", "name": "有友食品", "mkt": "CN", "ccy": "元", "sw1": "食品饮料", "sw2": "休闲食品", "sw3": "零食", "ind": "休闲食品", "fin_source": "tushare", "market": "主板", "list_date": "20190508", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.93, "pe_ttm": 21.1079, "pb": 2.3405, "dv_ttm": 4.2296, "total_mv": 424698.2553, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.7, 32.0, 31.2, 29.4, 29.0, 25.7], "rev_series": [10.9, 12.2, 10.2, 9.7, 11.8, 15.9], "np_series": [2.3, 2.2, 1.5, 1.2, 1.6, 1.9], "roe_series": [13.6, 12.0, 8.2, 6.3, 8.7, 10.5], "period": "20260630", "rev_ttm": 18.5, "np_ttm": 2.0, "ocf_ttm": 4.6, "fcf_ttm": 4.0, "fcf_yield": 9.4, "ocf_yield": 10.8, "gm_median": 29.4, "gm_std": 2.2, "gm_stab": 0.93, "gm_chg_2022": -3.4, "npm_median": 13.3, "roe_median": 8.7, "commodity": false, "hard_ratio": 15.9, "fix_assets": 4.0, "goodwill_ratio": 0.0, "pb_calc": 2.34, "capex_dep": 1.9, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 28.7, "debt_mv": 0.2, "payout": 97.7, "div_years": 5, "rev_cagr3": 15.8, "np_cagr3": 6.5, "rev_yoy": 34.1, "np_yoy": 14.4, "np_vol": 24.8, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.7, "consensus_n": 18, "fwd_pe": 18.0, "fwd_pe2": 14.9, "fwd_g1": 17.0, "fwd_g2": 21.0, "peg": 0.86, "consensus_disp": null, "mainbz": [["主营业务", 50.0], ["禽类制品", 45.0], ["畜肉类产品", 3.0], ["素食类", 2.0]], "ret_prev_year": 26.3, "ret_prev2_year": 17.0, "ret_ytd": -17.7, "ret_pivot": 99.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.7, "ret_60": -11.1, "ret_120": -10.3, "ret_250": -22.9, "mdd_250": -36.6, "vol_250": 41.7, "pos_52w": 70.1}, "S": {"duration": 41, "pricing": 52, "hard": 25, "bondness": 64}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 98%、股息率 4.2%、营收 3 年复合 15.8%、有息负债/EBITDA 0.0 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 16%,毛利率近 5 年中位 29.4%。", "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 9.4%(经营现金流/市值 10.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.4%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -3.4 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 16%,资本开支/折旧 1.90 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.1 倍 粗算,约 76%(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 -23%,最大回撤 -37%,年化波动 42%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 2% / -11% / -10%。", "行业对照": ["同申万二级「休闲食品」22 家中位:PE 21.1 / 股息率 2.9% / 毛利率 29.5% / 固定资产占比 31% / 分红率 67%。", "有友食品:PE 与行业中位持平;股息率 比行业中位高 1.3个百分点;毛利率 比行业中位低 0.1个百分点;固定资产占比 比行业中位低 15.0个百分点。"]}}