{"F": {"ts_code": "001312.SZ", "name": "福恩股份", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "纺织制造", "sw3": "其他纺织", "ind": "纺织制造", "fin_source": "tushare", "market": "主板", "list_date": "20260421", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 17.55, "pe_ttm": 18.1732, "pb": 1.7432, "dv_ttm": 1.1396, "total_mv": 409500.117, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.8, 30.0, 28.7, 26.9], "rev_series": [17.6, 15.2, 18.1, 17.2], "np_series": [2.8, 2.3, 2.7, 2.3], "roe_series": [50.5, 34.4, 29.6, 19.4], "period": "20260630", "rev_ttm": 17.3, "np_ttm": 2.3, "ocf_ttm": 2.4, "fcf_ttm": 1.6, "fcf_yield": 4.0, "ocf_yield": 5.9, "gm_median": 28.2, "gm_std": 1.1, "gm_stab": 0.96, "gm_chg_2022": null, "npm_median": 15.1, "roe_median": 32.0, "commodity": false, "hard_ratio": 17.8, "fix_assets": 5.8, "goodwill_ratio": 0.5, "pb_calc": 1.74, "capex_dep": null, "interest_debt": 0.2, "debt_ebitda": 0.1, "debt_ratio": 27.8, "debt_mv": 0.4, "payout": 15.2, "div_years": 1, "rev_cagr3": -0.8, "np_cagr3": -5.9, "rev_yoy": 0.9, "np_yoy": -4.8, "np_vol": 17.2, "loss_years": 0, "far_share": 72.0, "earn_yield": 5.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["再生涤粘混纺面料", 75.0], ["再生全涤面料", 10.0], ["原生全涤面料", 5.0], ["再生其他面料", 4.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.2, "ret_60": -6.9, "ret_120": null, "ret_250": null, "mdd_250": -45.0, "vol_250": 35.8, "pos_52w": 57.8}, "S": {"duration": 37, "pricing": 55, "hard": 28, "bondness": 32}, "label": "中性", "tags": [], "text": {"像什么": ["PE 18.2 倍、股息率 1.1%、毛利率近 5 年中位 28.2%、固定资产占比 18%、有息负债/EBITDA 0.1 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 18%,毛利率近 5 年中位 28.2%。", "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 4.0%(经营现金流/市值 5.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.2%,稳定度 96%。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 18%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.2 倍 粗算,约 72%(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「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%。", "福恩股份:PE 比行业中位低 4.9倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 11.3个百分点;固定资产占比 比行业中位低 12.3个百分点。"]}}