{"F": {"ts_code": "003023.SZ", "name": "彩虹集团", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "小家电", "sw3": "个护小家电", "ind": "小家电", "fin_source": "tushare", "market": "主板", "list_date": "20201211", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 26.0, "pe_ttm": 96.1789, "pb": 1.7619, "dv_ttm": 1.3462, "total_mv": 273888.16, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.7, 43.9, 43.8, 42.9, 43.4, 42.4], "rev_series": [10.6, 11.4, 11.8, 12.9, 13.0, 11.4], "np_series": [1.1, 1.1, 0.9, 1.0, 1.1, 0.6], "roe_series": [11.2, 8.5, 6.9, 7.2, 7.2, 4.1], "period": "20260630", "rev_ttm": 11.6, "np_ttm": 0.3, "ocf_ttm": 0.6, "fcf_ttm": 0.1, "fcf_yield": 0.3, "ocf_yield": 2.0, "gm_median": 43.4, "gm_std": 0.6, "gm_stab": 0.99, "gm_chg_2022": -3.8, "npm_median": 8.2, "roe_median": 7.2, "commodity": false, "hard_ratio": 18.0, "fix_assets": 3.7, "goodwill_ratio": 0.0, "pb_calc": 1.76, "capex_dep": 1.53, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 22.4, "debt_mv": 0.1, "payout": 40.4, "div_years": 5, "rev_cagr3": -0.9, "np_cagr3": -12.4, "rev_yoy": 2.2, "np_yoy": -60.0, "np_vol": 18.6, "loss_years": 0, "far_share": 95.0, "earn_yield": 1.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["家用柔性取暖系列", 32.0], ["家用柔性取暖器具", 32.0], ["家用卫生杀虫用品系列", 18.0], ["家用卫生杀虫用品", 18.0]], "ret_prev_year": 30.2, "ret_prev2_year": -10.3, "ret_ytd": 16.5, "ret_pivot": 79.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.5, "ret_60": 14.3, "ret_120": 7.0, "ret_250": 7.2, "mdd_250": -48.9, "vol_250": 45.8, "pos_52w": 78.7}, "S": {"duration": 91, "pricing": 61, "hard": 29, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 96.2 倍、股息率 1.3%、毛利率近 5 年中位 43.4%、固定资产占比 18%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 43.4%),硬资产占比 18%。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": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.3%(经营现金流/市值 2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 43.4%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -3.8 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 18%,资本开支/折旧 1.53 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 96.2 倍 粗算,约 95%(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 7%,最大回撤 -49%,年化波动 46%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 12% / 14% / 7%。", "行业对照": ["同申万二级「小家电」23 家中位:PE 50.5 / 股息率 1.8% / 毛利率 27.6% / 固定资产占比 22% / 分红率 50%。", "彩虹集团:PE 比行业中位高 45.7倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 15.8个百分点;固定资产占比 比行业中位低 3.7个百分点。"]}}