{"F": {"ts_code": "301066.SZ", "name": "万事利", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "纺织制造", "sw3": "其他纺织", "ind": "纺织制造", "fin_source": "tushare", "market": "创业板", "list_date": "20210922", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 13.0, "pe_ttm": 89.8309, "pb": 2.3815, "dv_ttm": 0.7632, "total_mv": 305400.03, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.1, 40.9, 37.3, 45.1, 45.2, 46.1], "rev_series": [7.4, 6.7, 5.5, 6.9, 6.7, 7.2], "np_series": [0.6, 0.5, -0.0, 0.3, 0.4, 0.3], "roe_series": [13.6, 8.9, -0.2, 5.4, 5.3, 3.4], "period": "20260630", "rev_ttm": 7.6, "np_ttm": 0.3, "ocf_ttm": 0.4, "fcf_ttm": -0.5, "fcf_yield": -1.8, "ocf_yield": 1.2, "gm_median": 45.1, "gm_std": 3.3, "gm_stab": 0.93, "gm_chg_2022": -1.7, "npm_median": 5.0, "roe_median": 5.3, "commodity": false, "hard_ratio": 28.4, "fix_assets": 4.8, "goodwill_ratio": 0.9, "pb_calc": 2.38, "capex_dep": 4.37, "interest_debt": 2.0, "debt_ebitda": 3.3, "debt_ratio": 24.5, "debt_mv": 6.6, "payout": 57.9, "div_years": 4, "rev_cagr3": 9.2, "np_cagr3": null, "rev_yoy": 13.1, "np_yoy": 3.4, "np_vol": 927.3, "loss_years": 1, "far_share": 94.0, "earn_yield": 1.1, "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], ["丝绸文化创意品", 23.0], ["丝绸", 23.0], ["丝绸纺织品", 9.0]], "ret_prev_year": 44.4, "ret_prev2_year": 7.9, "ret_ytd": -33.8, "ret_pivot": 65.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.7, "ret_60": -3.3, "ret_120": -13.3, "ret_250": -18.2, "mdd_250": -58.0, "vol_250": 54.6, "pos_52w": 51.5}, "S": {"duration": 89, "pricing": 61, "hard": 45, "bondness": 46}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 89.8 倍、股息率 0.8%、毛利率近 5 年中位 45.1%、固定资产占比 28%、有息负债/EBITDA 3.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 45.1%),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 -1.8%(经营现金流/市值 1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 45.1%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -1.7 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 28%,资本开支/折旧 4.37 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 89.8 倍 粗算,约 94%(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 -18%,最大回撤 -58%,年化波动 55%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 6% / -3% / -13%。", "行业对照": ["同申万二级「纺织制造」33 家中位:PE 23.1 / 股息率 1.3% / 毛利率 16.9% / 固定资产占比 30% / 分红率 46%。", "万事利:PE 比行业中位高 66.7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 28.2个百分点;固定资产占比 比行业中位低 1.7个百分点。"]}}