{"F": {"ts_code": "603983.SH", "name": "丸美生物", "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": "20190725", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 33.28, "pe_ttm": 58.4552, "pb": 3.9462, "dv_ttm": 1.5024, "total_mv": 1334528.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [66.2, 64.0, 68.4, 70.7, 73.7, 74.3], "rev_series": [17.4, 17.9, 17.3, 22.3, 29.7, 34.6], "np_series": [4.6, 2.5, 1.7, 2.6, 3.4, 2.5], "roe_series": [16.4, 8.2, 5.6, 7.9, 10.2, 7.4], "period": "20260630", "rev_ttm": 33.6, "np_ttm": 2.3, "ocf_ttm": 1.7, "fcf_ttm": -0.2, "fcf_yield": -0.1, "ocf_yield": 1.3, "gm_median": 70.7, "gm_std": 3.8, "gm_stab": 0.95, "gm_chg_2022": 2.2, "npm_median": 11.5, "roe_median": 7.9, "commodity": false, "hard_ratio": 20.4, "fix_assets": 9.5, "goodwill_ratio": 0.0, "pb_calc": 3.95, "capex_dep": 3.64, "interest_debt": 4.1, "debt_ebitda": 1.8, "debt_ratio": 25.8, "debt_mv": 3.1, "payout": 80.6, "div_years": 5, "rev_cagr3": 25.9, "np_cagr3": 12.4, "rev_yoy": -5.8, "np_yoy": -10.9, "np_vol": 37.7, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.7, "consensus_n": 25, "fwd_pe": 41.1, "fwd_pe2": 33.5, "fwd_g1": 42.0, "fwd_g2": 23.0, "peg": 1.79, "consensus_disp": null, "mainbz": [["产品", 50.0], ["产品销售", 50.0], ["其他", 0.0], ["合计特别调整", 0.0]], "ret_prev_year": 5.2, "ret_prev2_year": 33.0, "ret_ytd": 1.2, "ret_pivot": 65.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.2, "ret_60": 57.6, "ret_120": 22.4, "ret_250": -20.2, "mdd_250": -48.9, "vol_250": 39.8, "pos_52w": 80.5}, "S": {"duration": 77, "pricing": 78, "hard": 33, "bondness": 43}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 58.5 倍、股息率 1.5%、毛利率近 5 年中位 70.7%、固定资产占比 20%、有息负债/EBITDA 1.8 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 70.7%),硬资产占比 20%。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": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -0.1%(经营现金流/市值 1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 70.7%,稳定度 95%,2020→2022 成本通胀期毛利率变化 2.2 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 20%,资本开支/折旧 3.64 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 58.5 倍 粗算,约 91%(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 -20%,最大回撤 -49%,年化波动 40%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 10% / 58% / 22%。", "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%。", "丸美生物:PE 比行业中位高 27.0倍;股息率 与行业中位持平;毛利率 比行业中位高 17.6个百分点;固定资产占比 比行业中位高 0.3个百分点。"]}}