{"F": {"ts_code": "002763.SZ", "name": "汇洁股份", "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": "20150610", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.52, "pe_ttm": 42.324, "pb": 1.9193, "dv_ttm": 14.6277, "total_mv": 308262.848, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [64.5, 66.4, 65.8, 67.7, 67.9, 67.9], "rev_series": [23.7, 27.3, 24.6, 29.3, 29.5, 30.0], "np_series": [2.1, 2.8, 1.3, 1.8, 0.8, 0.5], "roe_series": [11.0, 14.3, 6.9, 9.0, 4.0, 2.9], "period": "20260630", "rev_ttm": 29.6, "np_ttm": 0.7, "ocf_ttm": 4.8, "fcf_ttm": 4.5, "fcf_yield": 14.7, "ocf_yield": 15.5, "gm_median": 67.7, "gm_std": 0.9, "gm_stab": 0.99, "gm_chg_2022": 1.2, "npm_median": 6.5, "roe_median": 6.9, "commodity": false, "hard_ratio": 14.0, "fix_assets": 3.3, "goodwill_ratio": 0.5, "pb_calc": 1.92, "capex_dep": 0.47, "interest_debt": 1.2, "debt_ebitda": 0.4, "debt_ratio": 26.1, "debt_mv": 4.0, "payout": 90.9, "div_years": 4, "rev_cagr3": 6.9, "np_cagr3": -25.9, "rev_yoy": -2.6, "np_yoy": 15.1, "np_vol": 39.7, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["文胸", 39.0], ["背心", 21.0], ["内裤", 13.0], ["家居", 10.0]], "ret_prev_year": 19.1, "ret_prev2_year": -20.3, "ret_ytd": 17.1, "ret_pivot": 62.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.6, "ret_60": -0.7, "ret_120": 5.3, "ret_250": 22.3, "mdd_250": -28.6, "vol_250": 39.7, "pos_52w": 82.2}, "S": {"duration": 65, "pricing": 77, "hard": 22, "bondness": 76}, "label": "轻资产现金牛", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["固定资产占比 14%,毛利率近 5 年中位 67.7%,自由现金流/市值 14.7%: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 67.7%),硬资产占比 14%。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 14.7%(经营现金流/市值 15.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 67.7%,稳定度 99%,2020→2022 成本通胀期毛利率变化 1.2 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 14%,资本开支/折旧 0.47 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 42.3 倍 粗算,约 88%(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 22%,最大回撤 -29%,年化波动 40%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 4% / -1% / 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%。", "汇洁股份:PE 比行业中位高 4.7倍;股息率 比行业中位高 12.2个百分点;毛利率 比行业中位高 26.2个百分点;固定资产占比 比行业中位低 0.1个百分点。"]}}