{"F": {"ts_code": "002612.SZ", "name": "朗姿股份", "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": "20110830", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 16.78, "pe_ttm": 8.9152, "pb": 2.6434, "dv_ttm": 7.1514, "total_mv": 742423.2134, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.2, 57.0, 57.5, 57.4, 58.8, 59.6], "rev_series": [28.8, 36.7, 38.8, 51.5, 56.9, 60.0], "np_series": [1.4, 1.9, 0.2, 2.3, 2.6, 10.0], "roe_series": [4.8, 6.3, 0.6, 7.6, 8.9, 32.3], "period": "20260630", "rev_ttm": 64.2, "np_ttm": 8.4, "ocf_ttm": 4.8, "fcf_ttm": 3.8, "fcf_yield": 5.2, "ocf_yield": 6.5, "gm_median": 57.5, "gm_std": 1.0, "gm_stab": 0.98, "gm_chg_2022": 3.4, "npm_median": 5.2, "roe_median": 7.6, "commodity": false, "hard_ratio": 8.7, "fix_assets": 6.9, "goodwill_ratio": 24.4, "pb_calc": 2.64, "capex_dep": 1.43, "interest_debt": 26.8, "debt_ebitda": 2.7, "debt_ratio": 58.4, "debt_mv": 36.1, "payout": 68.8, "div_years": 4, "rev_cagr3": 15.7, "np_cagr3": 296.1, "rev_yoy": 12.1, "np_yoy": -59.9, "np_vol": 379.6, "loss_years": 0, "far_share": 44.0, "earn_yield": 11.2, "consensus_n": 8, "fwd_pe": 12.9, "fwd_pe2": 11.5, "fwd_g1": -31.0, "fwd_g2": 12.0, "peg": 1.07, "consensus_disp": null, "mainbz": [["产品", 50.0], ["非手术类医疗美容", 23.0], ["女装上衣", 6.0], ["女装外套", 5.0]], "ret_prev_year": 30.4, "ret_prev2_year": -14.1, "ret_ytd": -12.8, "ret_pivot": 51.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.0, "ret_60": 41.5, "ret_120": 2.6, "ret_250": -0.9, "mdd_250": -51.5, "vol_250": 42.7, "pos_52w": 74.8}, "S": {"duration": 20, "pricing": 73, "hard": 14, "bondness": 66}, "label": "轻资产现金牛", "tags": ["现金流红利", "商誉占比高", "股息率≥4%"], "text": {"像什么": ["固定资产占比 9%,毛利率近 5 年中位 57.5%,自由现金流/市值 5.2%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 57.5%),硬资产占比 9%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 5.2%(经营现金流/市值 6.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 57.5%,稳定度 98%,2020→2022 成本通胀期毛利率变化 3.4 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 9%,资本开支/折旧 1.43 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.9 倍 粗算,约 44%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -1%,最大回撤 -52%,年化波动 43%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 8% / 42% / 3%。", "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%。", "朗姿股份:PE 比行业中位低 28.7倍;股息率 比行业中位高 4.8个百分点;毛利率 比行业中位高 16.0个百分点;固定资产占比 比行业中位低 5.4个百分点。"]}}