{"F": {"ts_code": "605089.SH", "name": "味知香", "mkt": "CN", "ccy": "元", "sw1": "食品饮料", "sw2": "食品加工", "sw3": "预加工食品", "ind": "食品加工", "fin_source": "tushare", "market": "主板", "list_date": "20210427", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 21.39, "pe_ttm": 37.8543, "pb": 2.3855, "dv_ttm": 1.6662, "total_mv": 295182.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.5, 25.1, 24.1, 26.4, 25.0, 20.6], "rev_series": [6.2, 7.6, 8.0, 8.0, 6.7, 7.0], "np_series": [1.3, 1.3, 1.4, 1.4, 0.9, 0.7], "roe_series": [38.0, 17.0, 12.0, 10.9, 7.0, 5.6], "period": "20260630", "rev_ttm": 7.0, "np_ttm": 0.8, "ocf_ttm": 0.5, "fcf_ttm": 0.5, "fcf_yield": 1.7, "ocf_yield": 1.8, "gm_median": 25.0, "gm_std": 1.9, "gm_stab": 0.92, "gm_chg_2022": -5.4, "npm_median": 16.9, "roe_median": 10.9, "commodity": false, "hard_ratio": 16.3, "fix_assets": 2.3, "goodwill_ratio": 0.0, "pb_calc": 2.39, "capex_dep": 0.16, "interest_debt": 0.4, "debt_ebitda": 0.5, "debt_ratio": 12.1, "debt_mv": 1.4, "payout": 71.4, "div_years": 5, "rev_cagr3": -4.2, "np_cagr3": -21.7, "rev_yoy": 0.7, "np_yoy": 28.9, "np_vol": 16.6, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "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], ["牛肉类", 18.0], ["家禽类", 8.0], ["鱼类", 6.0]], "ret_prev_year": 3.6, "ret_prev2_year": -31.0, "ret_ytd": -14.8, "ret_pivot": 28.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.4, "ret_60": 5.7, "ret_120": -17.2, "ret_250": -19.2, "mdd_250": -46.1, "vol_250": 38.4, "pos_52w": 66.9}, "S": {"duration": 61, "pricing": 48, "hard": 26, "bondness": 56}, "label": "中性", "tags": [], "text": {"像什么": ["PE 37.9 倍、股息率 1.7%、毛利率近 5 年中位 25.0%、固定资产占比 16%、有息负债/EBITDA 0.5 倍:四轴都不突出。"], "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 25.0%。", "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 1.7%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.0%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -5.4 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 0.16 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 37.9 倍 粗算,约 87%(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 -19%,最大回撤 -46%,年化波动 38%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 6% / 6% / -17%。", "行业对照": ["同申万二级「食品加工」27 家中位:PE 29.8 / 股息率 2.4% / 毛利率 23.4% / 固定资产占比 28% / 分红率 62%。", "味知香:PE 比行业中位高 8.1倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位高 1.6个百分点;固定资产占比 比行业中位低 12.2个百分点。"]}}