{"F": {"ts_code": "603708.SH", "name": "家家悦", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "超市", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "20161213", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.42, "pe_ttm": 29.4879, "pb": 2.462, "dv_ttm": 3.1911, "total_mv": 601315.0554, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.5, 23.3, 23.3, 23.9, 23.3, 23.8], "rev_series": [166.8, 174.3, 181.8, 177.6, 182.6, 179.6], "np_series": [4.3, -2.9, 0.5, 1.4, 1.3, 2.0], "roe_series": [14.4, -11.3, 2.6, 5.9, 5.3, 8.5], "period": "20260630", "rev_ttm": 179.2, "np_ttm": 2.0, "ocf_ttm": 17.5, "fcf_ttm": 10.7, "fcf_yield": 17.8, "ocf_yield": 29.0, "gm_median": 23.3, "gm_std": 0.3, "gm_stab": 0.99, "gm_chg_2022": -0.2, "npm_median": 0.7, "roe_median": 5.3, "commodity": false, "hard_ratio": 29.0, "fix_assets": 34.8, "goodwill_ratio": 2.1, "pb_calc": 2.46, "capex_dep": 2.23, "interest_debt": 31.7, "debt_ebitda": 2.3, "debt_ratio": 79.7, "debt_mv": 52.8, "payout": 90.5, "div_years": 4, "rev_cagr3": -0.4, "np_cagr3": 54.8, "rev_yoy": -0.5, "np_yoy": 1.8, "np_vol": 107.8, "loss_years": 1, "far_share": 83.0, "earn_yield": 3.4, "consensus_n": 10, "fwd_pe": 24.9, "fwd_pe2": 21.1, "fwd_g1": 18.0, "fwd_g2": 18.0, "peg": 1.38, "consensus_disp": null, "mainbz": [["食品化洗", 45.0], ["生鲜", 45.0], ["其他业务", 7.0], ["百货", 2.0]], "ret_prev_year": 6.2, "ret_prev2_year": -11.1, "ret_ytd": -19.3, "ret_pivot": 28.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.1, "ret_60": 0.2, "ret_120": -17.3, "ret_250": -12.9, "mdd_250": -37.0, "vol_250": 33.7, "pos_52w": 70.4}, "S": {"duration": 52, "pricing": 54, "hard": 46, "bondness": 78}, "label": "现金流红利", "tags": ["资本开支扩张期"], "text": {"像什么": ["分红率 90%、股息率 3.2%、营收 3 年复合 -0.4%、有息负债/EBITDA 2.3 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 29%,毛利率近 5 年中位 23.3%。", "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 17.8%(经营现金流/市值 29.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.3%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -0.2 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 29%,资本开支/折旧 2.23 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.5 倍 粗算,约 83%(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 -13%,最大回撤 -37%,年化波动 34%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 1% / 0% / -17%。", "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%。", "家家悦:PE 比行业中位低 31.2倍;股息率 比行业中位高 2.1个百分点;毛利率 比行业中位低 10.9个百分点;固定资产占比 比行业中位高 13.6个百分点。"]}}