{"F": {"ts_code": "003041.SZ", "name": "真爱美家", "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": "20210406", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 39.5, "pe_ttm": 104.1745, "pb": 3.8314, "dv_ttm": 1.0127, "total_mv": 568800.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.9, 22.2, 21.2, 22.1, 19.5, 20.7], "rev_series": [8.9, 9.3, 9.8, 9.5, 8.8, 9.8], "np_series": [1.2, 1.1, 1.6, 1.1, 0.8, 2.3], "roe_series": [20.7, 12.1, 12.9, 8.1, 5.7, 16.6], "period": "20260630", "rev_ttm": 10.0, "np_ttm": 0.5, "ocf_ttm": 1.6, "fcf_ttm": 0.3, "fcf_yield": 0.4, "ocf_yield": 2.9, "gm_median": 21.2, "gm_std": 1.0, "gm_stab": 0.95, "gm_chg_2022": -5.7, "npm_median": 11.5, "roe_median": 12.1, "commodity": false, "hard_ratio": 56.6, "fix_assets": 13.4, "goodwill_ratio": 0.0, "pb_calc": 3.83, "capex_dep": 1.75, "interest_debt": 5.9, "debt_ebitda": 3.3, "debt_ratio": 37.1, "debt_mv": 10.4, "payout": 54.1, "div_years": 5, "rev_cagr3": 0.2, "np_cagr3": 14.7, "rev_yoy": 4.6, "np_yoy": -91.1, "np_vol": 90.4, "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": [["产品", 49.0], ["毛毯", 45.0], ["其他主营业务", 1.0], ["其他", 1.0]], "ret_prev_year": 108.8, "ret_prev2_year": 68.4, "ret_ytd": -27.3, "ret_pivot": 313.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.7, "ret_60": -11.4, "ret_120": -43.5, "ret_250": 35.3, "mdd_250": -52.0, "vol_250": 70.6, "pos_52w": 56.1}, "S": {"duration": 93, "pricing": 48, "hard": 91, "bondness": 55}, "label": "中性", "tags": [], "text": {"像什么": ["PE 104.2 倍、股息率 1.0%、毛利率近 5 年中位 21.2%、固定资产占比 57%、有息负债/EBITDA 3.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 57%),没有定价权:毛利率近 5 年中位 21.2%,稳定度 95%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 0.4%(经营现金流/市值 2.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.2%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -5.7 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 57%,资本开支/折旧 1.75 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 104.2 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 35%,最大回撤 -52%,年化波动 71%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -8% / -11% / -44%。", "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%。", "真爱美家:PE 比行业中位高 66.6倍;股息率 比行业中位低 1.4个百分点;毛利率 比行业中位低 20.3个百分点;固定资产占比 比行业中位高 42.5个百分点。"]}}