{"F": {"ts_code": "002293.SZ", "name": "罗莱生活", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "服装家纺", "sw3": "家纺", "ind": "服装家纺", "fin_source": "tushare", "market": "主板", "list_date": "20090910", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.34, "pe_ttm": 16.2697, "pb": 2.3166, "dv_ttm": 6.1569, "total_mv": 949673.7432, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.2, 45.0, 46.0, 47.3, 48.0, 50.5], "rev_series": [49.1, 57.6, 53.1, 53.2, 45.6, 48.4], "np_series": [5.8, 7.1, 5.7, 5.7, 4.3, 5.2], "roe_series": [13.9, 17.1, 13.9, 13.6, 10.3, 12.4], "period": "20260630", "rev_ttm": 49.6, "np_ttm": 5.8, "ocf_ttm": 7.4, "fcf_ttm": 6.2, "fcf_yield": 6.5, "ocf_yield": 7.8, "gm_median": 47.3, "gm_std": 1.9, "gm_stab": 0.96, "gm_chg_2022": 2.8, "npm_median": 10.7, "roe_median": 13.6, "commodity": false, "hard_ratio": 23.7, "fix_assets": 14.2, "goodwill_ratio": 1.8, "pb_calc": 2.32, "capex_dep": 2.04, "interest_debt": 7.2, "debt_ebitda": 0.9, "debt_ratio": 31.5, "debt_mv": 7.5, "payout": 99.1, "div_years": 5, "rev_cagr3": -3.1, "np_cagr3": -3.2, "rev_yoy": 5.5, "np_yoy": 34.4, "np_vol": 19.3, "loss_years": 0, "far_share": 69.0, "earn_yield": 6.1, "consensus_n": 23, "fwd_pe": 15.4, "fwd_pe2": 13.8, "fwd_g1": 6.0, "fwd_g2": 12.0, "peg": 1.28, "consensus_disp": null, "mainbz": [["被芯类", 31.0], ["标准套件类", 25.0], ["家具产品类", 13.0], ["家具", 13.0]], "ret_prev_year": 47.2, "ret_prev2_year": -12.0, "ret_ytd": 18.5, "ret_pivot": 142.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.8, "ret_60": 15.2, "ret_120": 19.4, "ret_250": 45.2, "mdd_250": -15.7, "vol_250": 33.8, "pos_52w": 98.0}, "S": {"duration": 33, "pricing": 67, "hard": 38, "bondness": 87}, "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 99%、股息率 6.2%、营收 3 年复合 -3.1%、有息负债/EBITDA 0.9 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 47.3%),硬资产占比 24%。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": "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 6.5%(经营现金流/市值 7.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.3%,稳定度 96%,2020→2022 成本通胀期毛利率变化 2.8 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 24%,资本开支/折旧 2.04 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.3 倍 粗算,约 69%(1 − 5/PE)。中等。"]], "价格行为": "近一年 45%,最大回撤 -16%,年化波动 34%,现价在 52 周高点的 98%;近 20 / 60 / 120 日 4% / 15% / 19%。", "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%。", "罗莱生活:PE 比行业中位低 21.3倍;股息率 比行业中位高 3.8个百分点;毛利率 比行业中位高 5.8个百分点;固定资产占比 比行业中位高 9.6个百分点。"]}}