{"F": {"ts_code": "000726.SZ", "name": "鲁泰A", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "纺织制造", "sw3": "棉纺", "ind": "纺织制造", "fin_source": "tushare", "market": "主板", "list_date": "20001225", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.91, "pe_ttm": 9.915, "pb": 0.4891, "dv_ttm": 4.2295, "total_mv": 483157.6296, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.3, 20.7, 25.7, 23.0, 23.8, 23.0], "rev_series": [47.5, 52.4, 69.4, 59.6, 60.9, 59.0], "np_series": [1.0, 3.5, 9.6, 4.0, 4.1, 5.9], "roe_series": [1.3, 4.4, 11.3, 4.4, 4.4, 6.2], "period": "20260630", "rev_ttm": 57.6, "np_ttm": 4.9, "ocf_ttm": 7.1, "fcf_ttm": 4.5, "fcf_yield": 9.3, "ocf_yield": 14.7, "gm_median": 23.0, "gm_std": 1.6, "gm_stab": 0.93, "gm_chg_2022": 4.4, "npm_median": 7.0, "roe_median": 4.4, "commodity": false, "hard_ratio": 44.5, "fix_assets": 55.0, "goodwill_ratio": 0.2, "pb_calc": 0.49, "capex_dep": 0.56, "interest_debt": 11.4, "debt_ebitda": 1.1, "debt_ratio": 17.5, "debt_mv": 23.6, "payout": 34.2, "div_years": 5, "rev_cagr3": -5.2, "np_cagr3": -14.9, "rev_yoy": -5.0, "np_yoy": -29.5, "np_vol": 116.0, "loss_years": 0, "far_share": 50.0, "earn_yield": 10.1, "consensus_n": 6, "fwd_pe": 9.6, "fwd_pe2": 8.7, "fwd_g1": 3.0, "fwd_g2": 10.0, "peg": 0.96, "consensus_disp": null, "mainbz": [["产品", 34.0], ["面料产品", 23.0], ["色织布面料", 23.0], ["衬衣产品", 9.0]], "ret_prev_year": 13.0, "ret_prev2_year": 5.5, "ret_ytd": -15.2, "ret_pivot": 22.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.2, "ret_60": 4.6, "ret_120": -20.7, "ret_250": -16.2, "mdd_250": -29.6, "vol_250": 23.1, "pos_52w": 76.7}, "S": {"duration": 22, "pricing": 55, "hard": 71, "bondness": 61}, "label": "中性", "tags": ["股息率≥4%"], "text": {"像什么": ["PE 9.9 倍、股息率 4.2%、毛利率近 5 年中位 23.0%、固定资产占比 44%、有息负债/EBITDA 1.1 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 44%),没有定价权:毛利率近 5 年中位 23.0%,稳定度 93%。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 9.3%(经营现金流/市值 14.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.0%,稳定度 93%,2020→2022 成本通胀期毛利率变化 4.4 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 44%,资本开支/折旧 0.56 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 9.9 倍 粗算,约 50%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -16%,最大回撤 -30%,年化波动 23%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 0% / 5% / -21%。", "行业对照": ["同申万二级「纺织制造」33 家中位:PE 23.1 / 股息率 1.3% / 毛利率 16.9% / 固定资产占比 30% / 分红率 46%。", "鲁泰A:PE 比行业中位低 13.2倍;股息率 比行业中位高 2.9个百分点;毛利率 比行业中位高 6.1个百分点;固定资产占比 比行业中位高 14.4个百分点。"]}}