{"F": {"ts_code": "002043.SZ", "name": "兔宝宝", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "装修建材", "sw3": "其他建材", "ind": "装修建材", "fin_source": "tushare", "market": "主板", "list_date": "20050510", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.73, "pe_ttm": 15.4937, "pb": 3.2106, "dv_ttm": 3.3501, "total_mv": 1056277.4785, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.0, 17.7, 18.2, 18.4, 18.1, 17.5], "rev_series": [64.7, 94.3, 89.2, 90.6, 91.9, 88.8], "np_series": [4.0, 7.1, 4.5, 6.9, 5.9, 7.0], "roe_series": [21.7, 35.7, 19.9, 24.8, 18.7, 22.1], "period": "20260630", "rev_ttm": 95.1, "np_ttm": 6.8, "ocf_ttm": 9.7, "fcf_ttm": 8.5, "fcf_yield": 8.1, "ocf_yield": 9.2, "gm_median": 18.1, "gm_std": 0.3, "gm_stab": 0.98, "gm_chg_2022": -0.8, "npm_median": 7.8, "roe_median": 22.1, "commodity": false, "hard_ratio": 12.2, "fix_assets": 7.3, "goodwill_ratio": 8.6, "pb_calc": 3.21, "capex_dep": 1.61, "interest_debt": 0.2, "debt_ebitda": 0.0, "debt_ratio": 43.1, "debt_mv": 0.2, "payout": 65.5, "div_years": 5, "rev_cagr3": -0.1, "np_cagr3": 16.4, "rev_yoy": 17.4, "np_yoy": -7.7, "np_vol": 42.3, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.5, "consensus_n": 19, "fwd_pe": 13.4, "fwd_pe2": 11.5, "fwd_g1": 16.0, "fwd_g2": 17.0, "peg": 0.79, "consensus_disp": null, "mainbz": [["装饰材料", 72.0], ["柜类", 7.0], ["整体衣柜", 7.0], ["品牌授权业务", 5.0]], "ret_prev_year": 28.5, "ret_prev2_year": 54.0, "ret_ytd": -9.8, "ret_pivot": 46.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.8, "ret_60": 11.4, "ret_120": -17.9, "ret_250": 23.2, "mdd_250": -37.9, "vol_250": 42.2, "pos_52w": 73.9}, "S": {"duration": 32, "pricing": 50, "hard": 20, "bondness": 63}, "label": "现金流红利", "tags": ["PEG<0.8"], "text": {"像什么": ["分红率 66%、股息率 3.4%、营收 3 年复合 -0.1%、有息负债/EBITDA 0.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 12%,毛利率近 5 年中位 18.1%。", "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 8.1%(经营现金流/市值 9.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.1%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -0.8 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 12%,资本开支/折旧 1.61 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.5 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 23%,最大回撤 -38%,年化波动 42%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 4% / 11% / -18%。", "行业对照": ["同申万二级「装修建材」39 家中位:PE 36.1 / 股息率 1.6% / 毛利率 20.7% / 固定资产占比 21% / 分红率 51%。", "兔宝宝:PE 比行业中位低 20.6倍;股息率 比行业中位高 1.8个百分点;毛利率 比行业中位低 2.6个百分点;固定资产占比 比行业中位低 8.6个百分点。"]}}