{"F": {"ts_code": "300577.SZ", "name": "开润股份", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "服装家纺", "sw3": "鞋帽及其他", "ind": "服装家纺", "fin_source": "tushare", "market": "创业板", "list_date": "20161221", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 19.91, "pe_ttm": 13.4333, "pb": 2.2434, "dv_ttm": 2.0838, "total_mv": 477513.8742, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.5, 26.6, 21.6, 24.4, 22.9, 23.9], "rev_series": [19.4, 22.9, 27.4, 31.0, 42.4, 48.9], "np_series": [0.8, 1.8, 0.5, 1.2, 3.8, 3.3], "roe_series": [6.5, 11.0, 2.8, 6.5, 19.1, 15.4], "period": "20260630", "rev_ttm": 50.1, "np_ttm": 3.6, "ocf_ttm": 4.5, "fcf_ttm": 2.0, "fcf_yield": 4.2, "ocf_yield": 9.5, "gm_median": 23.9, "gm_std": 1.7, "gm_stab": 0.93, "gm_chg_2022": -6.9, "npm_median": 7.5, "roe_median": 11.0, "commodity": false, "hard_ratio": 20.8, "fix_assets": 12.2, "goodwill_ratio": 5.3, "pb_calc": 2.24, "capex_dep": 2.34, "interest_debt": 25.4, "debt_ebitda": 3.8, "debt_ratio": 62.2, "debt_mv": 53.2, "payout": 21.2, "div_years": 5, "rev_cagr3": 21.3, "np_cagr3": 91.9, "rev_yoy": 5.0, "np_yoy": 13.1, "np_vol": 111.1, "loss_years": 0, "far_share": 63.0, "earn_yield": 7.4, "consensus_n": 10, "fwd_pe": 12.3, "fwd_pe2": 10.6, "fwd_g1": 10.0, "fwd_g2": 16.0, "peg": 0.77, "consensus_disp": null, "mainbz": [["产品", 38.0], ["包袋", 18.0], ["包及外包袋", 18.0], ["服装", 13.0]], "ret_prev_year": -12.9, "ret_prev2_year": 75.4, "ret_ytd": -5.7, "ret_pivot": 3.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.1, "ret_60": 27.5, "ret_120": 0.3, "ret_250": -9.8, "mdd_250": -43.0, "vol_250": 43.9, "pos_52w": 77.7}, "S": {"duration": 29, "pricing": 48, "hard": 33, "bondness": 31}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 13.4 倍、股息率 2.1%、毛利率近 5 年中位 23.9%、固定资产占比 21%、有息负债/EBITDA 3.8 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 21%,毛利率近 5 年中位 23.9%。", "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 4.2%(经营现金流/市值 9.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.9%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -6.9 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 21%,资本开支/折旧 2.34 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.4 倍 粗算,约 63%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -10%,最大回撤 -43%,年化波动 44%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 8% / 28% / 0%。", "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%。", "开润股份:PE 比行业中位低 24.2倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 17.6个百分点;固定资产占比 比行业中位高 6.7个百分点。"]}}