{"F": {"ts_code": "301061.SZ", "name": "匠心家居", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "家居用品", "sw3": "成品家居", "ind": "家居用品", "fin_source": "tushare", "market": "创业板", "list_date": "20210913", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 38.0, "pe_ttm": 14.741, "pb": 2.4777, "dv_ttm": 2.0188, "total_mv": 1080711.26, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.4, 28.8, 32.6, 34.0, 39.4, 39.3], "rev_series": [13.2, 19.2, 14.6, 19.2, 25.5, 33.8], "np_series": [2.1, 3.0, 3.3, 4.1, 6.8, 8.6], "roe_series": [27.3, 17.8, 12.9, 14.3, 20.8, 22.0], "period": "20260630", "rev_ttm": 32.6, "np_ttm": 7.3, "ocf_ttm": 7.0, "fcf_ttm": 4.7, "fcf_yield": 4.3, "ocf_yield": 6.5, "gm_median": 34.0, "gm_std": 4.1, "gm_stab": 0.88, "gm_chg_2022": -2.9, "npm_median": 22.8, "roe_median": 17.8, "commodity": false, "hard_ratio": 3.3, "fix_assets": 1.9, "goodwill_ratio": 0.0, "pb_calc": 2.48, "capex_dep": 2.87, "interest_debt": 6.1, "debt_ebitda": 0.6, "debt_ratio": 22.2, "debt_mv": 5.6, "payout": 25.4, "div_years": 5, "rev_cagr3": 32.2, "np_cagr3": 36.9, "rev_yoy": -6.9, "np_yoy": -28.8, "np_vol": 19.8, "loss_years": 0, "far_share": 66.0, "earn_yield": 6.8, "consensus_n": 12, "fwd_pe": 9.6, "fwd_pe2": 7.9, "fwd_g1": 54.0, "fwd_g2": 22.0, "peg": 0.44, "consensus_disp": null, "mainbz": [["产品", 50.0], ["智能电动沙发", 43.0], ["智能电动床", 4.0], ["配件", 2.0]], "ret_prev_year": 104.3, "ret_prev2_year": 68.6, "ret_ytd": -47.6, "ret_pivot": 36.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.3, "ret_60": -2.4, "ret_120": -42.0, "ret_250": -51.5, "mdd_250": -61.7, "vol_250": 42.7, "pos_52w": 44.6}, "S": {"duration": 31, "pricing": 53, "hard": 5, "bondness": 23}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 14.7 倍、股息率 2.0%、毛利率近 5 年中位 34.0%、固定资产占比 3%、有息负债/EBITDA 0.6 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 34.0%),硬资产占比 3%。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 4.3%(经营现金流/市值 6.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.0%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -2.9 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 3%,资本开支/折旧 2.87 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.7 倍 粗算,约 66%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -52%,最大回撤 -62%,年化波动 43%,现价在 52 周高点的 45%;近 20 / 60 / 120 日 1% / -2% / -42%。", "行业对照": ["同申万二级「家居用品」77 家中位:PE 28.3 / 股息率 1.7% / 毛利率 28.3% / 固定资产占比 32% / 分红率 50%。", "匠心家居:PE 比行业中位低 13.6倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 5.7个百分点;固定资产占比 比行业中位低 28.3个百分点。"]}}