{"F": {"ts_code": "300840.SZ", "name": "酷特智能", "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": "创业板", "list_date": "20200708", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 20.31, "pe_ttm": 125.153, "pb": 3.8206, "dv_ttm": 0.4924, "total_mv": 487440.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.4, 36.4, 40.4, 41.6, 40.2, 44.8], "rev_series": [6.3, 5.9, 6.2, 7.5, 7.1, 6.6], "np_series": [0.5, 0.6, 0.9, 1.1, 0.9, 0.4], "roe_series": [6.2, 6.3, 8.2, 9.9, 7.2, 2.9], "period": "20260630", "rev_ttm": 6.6, "np_ttm": 0.4, "ocf_ttm": 2.4, "fcf_ttm": 1.1, "fcf_yield": 2.3, "ocf_yield": 5.0, "gm_median": 40.4, "gm_std": 2.7, "gm_stab": 0.93, "gm_chg_2022": 8.0, "npm_median": 13.2, "roe_median": 7.2, "commodity": false, "hard_ratio": 27.8, "fix_assets": 4.3, "goodwill_ratio": 1.1, "pb_calc": 3.82, "capex_dep": 3.4, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 17.6, "debt_mv": 0.3, "payout": 27.0, "div_years": 5, "rev_cagr3": 2.1, "np_cagr3": -24.2, "rev_yoy": 2.4, "np_yoy": 7.0, "np_vol": 37.5, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["服装类", 30.0], ["定制服装", 30.0], ["AI智能体产品及服务", 2.0]], "ret_prev_year": 2.7, "ret_prev2_year": 0.8, "ret_ytd": -0.2, "ret_pivot": 167.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.6, "ret_60": 0.7, "ret_120": 11.3, "ret_250": -15.6, "mdd_250": -42.5, "vol_250": 60.0, "pos_52w": 78.4}, "S": {"duration": 96, "pricing": 64, "hard": 44, "bondness": 31}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 125.2 倍、股息率 0.5%、毛利率近 5 年中位 40.4%、固定资产占比 28%、有息负债/EBITDA 0.1 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 40.4%),硬资产占比 28%。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 2.3%(经营现金流/市值 5.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 40.4%,稳定度 93%,2020→2022 成本通胀期毛利率变化 8.0 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 28%,资本开支/折旧 3.40 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 125.2 倍 粗算,约 96%(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 -16%,最大回撤 -42%,年化波动 60%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 -2% / 1% / 11%。", "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%。", "酷特智能:PE 比行业中位高 87.6倍;股息率 比行业中位低 1.9个百分点;毛利率 比行业中位低 1.1个百分点;固定资产占比 比行业中位高 13.7个百分点。"]}}