{"F": {"ts_code": "002269.SZ", "name": "美邦服饰", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "服装家纺", "sw3": "非运动服装", "ind": "服装家纺", "fin_source": "tushare", "market": "主板", "list_date": "20080828", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.47, "pe_ttm": null, "pb": 21.1982, "dv_ttm": null, "total_mv": 369337.5, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.5, 34.0, 32.1, 39.3, 27.4, 37.2], "rev_series": [38.2, 26.4, 14.4, 13.6, 6.8, 4.5], "np_series": [-8.6, -4.0, -8.2, 0.3, -2.0, -2.5], "roe_series": [-53.4, -36.2, -127.9, 9.1, -53.4, -101.7], "period": "20260630", "rev_ttm": 4.3, "np_ttm": -3.0, "ocf_ttm": -0.7, "fcf_ttm": -0.8, "fcf_yield": -2.1, "ocf_yield": -1.9, "gm_median": 34.0, "gm_std": 4.1, "gm_stab": 0.88, "gm_chg_2022": -2.5, "npm_median": -28.7, "roe_median": -53.4, "commodity": false, "hard_ratio": 6.7, "fix_assets": 1.3, "goodwill_ratio": 0.0, "pb_calc": 21.2, "capex_dep": 0.77, "interest_debt": 5.7, "debt_ebitda": null, "debt_ratio": 90.7, "debt_mv": 15.3, "payout": null, "div_years": 0, "rev_cagr3": -32.1, "np_cagr3": null, "rev_yoy": -8.8, "np_yoy": -525.8, "np_vol": 297.3, "loss_years": 4, "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": [["产品", 48.0], ["男装", 28.0], ["女装", 14.0], ["其他收入", 3.0]], "ret_prev_year": -7.4, "ret_prev2_year": 19.3, "ret_ytd": -22.2, "ret_pivot": 8.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.5, "ret_60": 0.7, "ret_120": -18.3, "ret_250": -27.6, "mdd_250": -56.6, "vol_250": 43.3, "pos_52w": 48.7}, "S": {"duration": 100, "pricing": 53, "hard": 11, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -3.0 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 91%,有息负债 6 亿,经营现金流/市值 -1.9%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 34.0%),硬资产占比 7%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -2.1%(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 34.0%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -2.5 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 7%,资本开支/折旧 0.77 倍。没有资产可言。"], ["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?"]], "价格行为": "近一年 -28%,最大回撤 -57%,年化波动 43%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 4% / 1% / -18%。", "行业对照": ["同申万二级「服装家纺」60 家中位:PE 37.6 / 股息率 2.4% / 毛利率 41.5% / 固定资产占比 14% / 分红率 66%。", "美邦服饰:PE ;股息率 ;毛利率 比行业中位低 7.5个百分点;固定资产占比 比行业中位低 7.4个百分点。"]}}