{"F": {"ts_code": "920023.BJ", "name": "*ST田野", "mkt": "CN", "ccy": "元", "sw1": "农林牧渔", "sw2": "农产品加工", "sw3": "果蔬加工", "ind": "农产品加工", "fin_source": "tushare", "market": "北交所", "list_date": "20230202", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.53, "pe_ttm": null, "pb": 0.4149, "dv_ttm": null, "total_mv": 50077.512, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.5, 29.2, 28.4, 21.7, 20.5, 17.8], "rev_series": [2.7, 4.6, 4.7, 4.6, 4.9, 5.4], "np_series": [0.2, 0.7, 0.5, 0.3, 0.1, 0.1], "roe_series": [2.8, 7.7, 5.6, 3.1, 0.8, 1.0], "period": "20260630", "rev_ttm": 5.2, "np_ttm": -0.0, "ocf_ttm": 0.1, "fcf_ttm": -0.7, "fcf_yield": -14.7, "ocf_yield": 1.9, "gm_median": 21.7, "gm_std": 4.5, "gm_stab": 0.79, "gm_chg_2022": 1.9, "npm_median": 7.3, "roe_median": 3.1, "commodity": false, "hard_ratio": 54.9, "fix_assets": 9.0, "goodwill_ratio": 0.0, "pb_calc": 0.41, "capex_dep": 1.33, "interest_debt": 2.4, "debt_ebitda": 3.0, "debt_ratio": 26.8, "debt_mv": 47.0, "payout": 10.5, "div_years": 1, "rev_cagr3": 4.5, "np_cagr3": -38.5, "rev_yoy": -6.8, "np_yoy": -94.2, "np_vol": 99.3, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["原料果汁", 96.0], ["速冻果蔬", 2.0], ["其他主营业务", 1.0], ["其他", 1.0]], "ret_prev_year": 6.1, "ret_prev2_year": 14.0, "ret_ytd": -67.6, "ret_pivot": -35.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 100, "pricing": 47, "hard": 88, "bondness": 28}, "label": "中性", "tags": [], "text": {"像什么": ["PE —、股息率 —、毛利率近 5 年中位 21.7%、固定资产占比 55%、有息负债/EBITDA 3.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 55%),没有定价权:毛利率近 5 年中位 21.7%,稳定度 79%。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": "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 -14.7%(经营现金流/市值 1.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.7%,稳定度 79%,2020→2022 成本通胀期毛利率变化 1.9 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 55%,资本开支/折旧 1.33 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "行业对照": ["同申万二级「农产品加工」26 家中位:PE 39.2 / 股息率 1.5% / 毛利率 11.9% / 固定资产占比 36% / 分红率 44%。", "*ST田野:PE ;股息率 ;毛利率 比行业中位高 9.8个百分点;固定资产占比 比行业中位高 19.4个百分点。"]}}