{"F": {"ts_code": "002327.SZ", "name": "富安娜", "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": "20091230", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.3, "pe_ttm": 15.162, "pb": 1.4985, "dv_ttm": 6.1111, "total_mv": 525336.777, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [53.9, 52.1, 53.1, 55.6, 56.1, 53.2], "rev_series": [28.7, 31.8, 30.8, 30.3, 30.1, 25.8], "np_series": [5.2, 5.5, 5.3, 5.7, 5.4, 3.4], "roe_series": [14.5, 15.0, 14.3, 15.0, 14.0, 8.9], "period": "20260630", "rev_ttm": 26.7, "np_ttm": 3.5, "ocf_ttm": 4.8, "fcf_ttm": 3.3, "fcf_yield": 6.3, "ocf_yield": 9.2, "gm_median": 53.2, "gm_std": 1.5, "gm_stab": 0.97, "gm_chg_2022": -0.8, "npm_median": 17.3, "roe_median": 14.3, "commodity": false, "hard_ratio": 22.0, "fix_assets": 9.7, "goodwill_ratio": 0.0, "pb_calc": 1.5, "capex_dep": 2.64, "interest_debt": 4.0, "debt_ebitda": 0.7, "debt_ratio": 20.2, "debt_mv": 7.6, "payout": 95.4, "div_years": 5, "rev_cagr3": -5.7, "np_cagr3": -14.3, "rev_yoy": 8.1, "np_yoy": 9.4, "np_vol": 16.4, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.6, "consensus_n": 13, "fwd_pe": 14.0, "fwd_pe2": 12.5, "fwd_g1": 8.0, "fwd_g2": 12.0, "peg": 1.17, "consensus_disp": null, "mainbz": [["产品", 33.0], ["套件类", 15.0], ["套件", 15.0], ["被芯类", 12.0]], "ret_prev_year": -19.3, "ret_prev2_year": 7.4, "ret_ytd": -0.4, "ret_pivot": -1.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.2, "ret_60": -4.0, "ret_120": -5.2, "ret_250": -10.3, "mdd_250": -17.1, "vol_250": 20.1, "pos_52w": 87.9}, "S": {"duration": 32, "pricing": 67, "hard": 35, "bondness": 85}, "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 95%、股息率 6.1%、营收 3 年复合 -5.7%、有息负债/EBITDA 0.7 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 53.2%),硬资产占比 22%。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 6.3%(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 53.2%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -0.8 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 22%,资本开支/折旧 2.64 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.2 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -10%,最大回撤 -17%,年化波动 20%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 -3% / -4% / -5%。", "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%。", "富安娜:PE 比行业中位低 22.4倍;股息率 比行业中位高 3.7个百分点;毛利率 比行业中位高 11.7个百分点;固定资产占比 比行业中位高 7.9个百分点。"]}}