{"F": {"ts_code": "301088.SZ", "name": "戎美股份", "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": "20211028", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 13.43, "pe_ttm": 46.9664, "pb": 1.2659, "dv_ttm": 4.9069, "total_mv": 306069.7, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [44.5, 45.6, 40.5, 39.2, 42.4, 45.7], "rev_series": [8.5, 8.7, 9.5, 7.7, 6.9, 5.9], "np_series": [1.6, 1.6, 1.7, 0.8, 1.1, 0.8], "roe_series": [34.8, 10.9, 6.7, 3.3, 4.2, 3.1], "period": "20260630", "rev_ttm": 5.2, "np_ttm": 0.7, "ocf_ttm": 0.9, "fcf_ttm": 0.8, "fcf_yield": 2.5, "ocf_yield": 2.9, "gm_median": 42.4, "gm_std": 2.6, "gm_stab": 0.94, "gm_chg_2022": -4.0, "npm_median": 15.5, "roe_median": 4.2, "commodity": false, "hard_ratio": 15.9, "fix_assets": 3.9, "goodwill_ratio": 0.0, "pb_calc": 1.27, "capex_dep": 0.77, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 2.0, "debt_mv": null, "payout": 118.6, "div_years": 5, "rev_cagr3": -14.5, "np_cagr3": -22.4, "rev_yoy": -24.0, "np_yoy": -34.9, "np_vol": 26.0, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 43.0], ["上衣", 16.0], ["外套", 8.0], ["裤类", 7.0]], "ret_prev_year": 34.1, "ret_prev2_year": -9.2, "ret_ytd": -19.2, "ret_pivot": 44.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.1, "ret_60": 2.4, "ret_120": -8.0, "ret_250": -5.4, "mdd_250": -38.6, "vol_250": 35.7, "pos_52w": 75.7}, "S": {"duration": 69, "pricing": 59, "hard": 25, "bondness": 87}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 119%、股息率 4.9%、营收 3 年复合 -14.5%、资产负债率 2%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 42.4%),硬资产占比 16%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.5%(经营现金流/市值 2.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.4%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -4.0 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 16%,资本开支/折旧 0.77 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 47.0 倍 粗算,约 89%(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 -5%,最大回撤 -39%,年化波动 36%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 11% / 2% / -8%。", "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%。", "戎美股份:PE 比行业中位高 9.4倍;股息率 比行业中位高 2.5个百分点;毛利率 比行业中位高 0.9个百分点;固定资产占比 比行业中位高 1.8个百分点。"]}}