{"F": {"ts_code": "002003.SZ", "name": "伟星股份", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "纺织制造", "sw3": "辅料", "ind": "纺织制造", "fin_source": "tushare", "market": "主板", "list_date": "20040625", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.23, "pe_ttm": 21.1231, "pb": 3.2064, "dv_ttm": 4.0746, "total_mv": 1454011.9808, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.8, 38.0, 39.0, 40.9, 41.7, 42.0], "rev_series": [25.0, 33.6, 36.3, 39.1, 46.7, 48.0], "np_series": [4.0, 4.5, 4.9, 5.6, 7.0, 6.4], "roe_series": [16.1, 17.2, 17.5, 15.4, 16.1, 14.5], "period": "20260630", "rev_ttm": 51.2, "np_ttm": 6.9, "ocf_ttm": 10.6, "fcf_ttm": 3.4, "fcf_yield": 2.3, "ocf_yield": 7.3, "gm_median": 40.9, "gm_std": 1.6, "gm_stab": 0.96, "gm_chg_2022": 0.2, "npm_median": 13.5, "roe_median": 16.1, "commodity": false, "hard_ratio": 47.0, "fix_assets": 33.3, "goodwill_ratio": 0.0, "pb_calc": 3.21, "capex_dep": 2.21, "interest_debt": 13.5, "debt_ebitda": 1.1, "debt_ratio": 35.3, "debt_mv": 9.3, "payout": 84.9, "div_years": 5, "rev_cagr3": 9.8, "np_cagr3": 9.7, "rev_yoy": 13.8, "np_yoy": 11.8, "np_vol": 10.8, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.7, "consensus_n": 23, "fwd_pe": 20.5, "fwd_pe2": 18.0, "fwd_g1": 3.0, "fwd_g2": 14.0, "peg": 1.46, "consensus_disp": null, "mainbz": [["产品", 49.0], ["拉链", 27.0], ["钮扣", 20.0], ["其他服饰辅料", 2.0]], "ret_prev_year": -23.7, "ret_prev2_year": 42.2, "ret_ytd": 19.9, "ret_pivot": 6.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 19.8, "ret_60": 37.0, "ret_120": 26.6, "ret_250": 14.5, "mdd_250": -27.2, "vol_250": 26.1, "pos_52w": 100.0}, "S": {"duration": 41, "pricing": 62, "hard": 75, "bondness": 68}, "label": "现金流红利", "tags": ["资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["分红率 85%、股息率 4.1%、营收 3 年复合 9.8%、有息负债/EBITDA 1.1 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 47%、毛利率 40.9% 两条都占,但所在行业(纺织服饰)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.3%(经营现金流/市值 7.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 40.9%,稳定度 96%,2020→2022 成本通胀期毛利率变化 0.2 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 47%,资本开支/折旧 2.21 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.1 倍 粗算,约 76%(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 14%,最大回撤 -27%,年化波动 26%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 20% / 37% / 27%。", "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%。", "伟星股份:PE 比行业中位低 2.0倍;股息率 比行业中位高 2.8个百分点;毛利率 比行业中位高 24.0个百分点;固定资产占比 比行业中位高 16.9个百分点。"]}}