{"F": {"ts_code": "301113.SZ", "name": "雅艺科技", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "家居用品", "sw3": "其他家居用品", "ind": "家居用品", "fin_source": "tushare", "market": "创业板", "list_date": "20211222", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 17.47, "pe_ttm": 264.3394, "pb": 3.0481, "dv_ttm": 0.8806, "total_mv": 206670.1, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.5, 35.6, 37.8, 36.2, 31.8, 33.4], "rev_series": [3.2, 4.5, 1.7, 1.6, 3.0, 3.6], "np_series": [0.8, 0.9, 0.5, 0.2, 0.1, 0.1], "roe_series": [61.7, 20.7, 6.7, 2.6, 1.5, 1.1], "period": "20260630", "rev_ttm": 3.4, "np_ttm": 0.1, "ocf_ttm": 0.6, "fcf_ttm": 0.5, "fcf_yield": 2.5, "ocf_yield": 2.7, "gm_median": 35.6, "gm_std": 2.1, "gm_stab": 0.94, "gm_chg_2022": -5.7, "npm_median": 11.9, "roe_median": 2.6, "commodity": false, "hard_ratio": 36.2, "fix_assets": 2.6, "goodwill_ratio": 0.0, "pb_calc": 3.05, "capex_dep": 0.18, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 6.6, "debt_mv": null, "payout": 250.0, "div_years": 4, "rev_cagr3": 27.0, "np_cagr3": -46.3, "rev_yoy": -12.9, "np_yoy": 5.9, "np_vol": 24.6, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["火炉火盆类", 55.0], ["气炉类", 18.0], ["其他主营业务", 14.0], ["其他", 14.0]], "ret_prev_year": 37.5, "ret_prev2_year": -28.3, "ret_ytd": -4.3, "ret_pivot": 69.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.3, "ret_60": 4.4, "ret_120": -16.3, "ret_250": 1.0, "mdd_250": -39.5, "vol_250": 41.5, "pos_52w": 80.8}, "S": {"duration": 100, "pricing": 54, "hard": 58, "bondness": 43}, "label": "钱的替代品", "tags": [], "text": {"像什么": ["硬资产:固定资产 + 在建 3 亿,占总资产 36%,重置成本随通胀上升。", "定价权:毛利率近 5 年中位 35.6%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -5.7 个百分点。", "当期现金流:自由现金流/市值 2.5%,股息率 0.9%,估值里 5 年后的故事约占 98%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 36%)和定价权(毛利率 35.6% 且稳定)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "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 2.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.6%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -5.7 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 36%,资本开支/折旧 0.18 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 264.3 倍 粗算,约 98%(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 1%,最大回撤 -40%,年化波动 42%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 9% / 4% / -16%。 钱的替代品是体制切换的 β:过去一年没动,若信号亮起弹性在这。", "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%。", "雅艺科技:PE 比行业中位高 236.0倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位高 7.3个百分点;固定资产占比 比行业中位高 4.6个百分点。"]}}