{"F": {"ts_code": "600177.SH", "name": "雅戈尔", "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": "主板", "list_date": "19981119", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.22, "pe_ttm": 13.3101, "pb": 0.9011, "dv_ttm": 5.3139, "total_mv": 3800469.2418, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [53.6, 58.0, 55.2, 44.1, 39.8, 45.9], "rev_series": [114.8, 136.1, 148.2, 137.5, 141.9, 115.8], "np_series": [72.4, 51.3, 50.7, 34.3, 27.7, 24.5], "roe_series": [25.7, 16.4, 14.1, 8.9, 6.9, 5.9], "period": "20260630", "rev_ttm": 116.2, "np_ttm": 28.6, "ocf_ttm": 12.4, "fcf_ttm": 8.6, "fcf_yield": 2.3, "ocf_yield": 3.3, "gm_median": 45.9, "gm_std": 6.9, "gm_stab": 0.85, "gm_chg_2022": 1.6, "npm_median": 25.5, "roe_median": 8.9, "commodity": false, "hard_ratio": 14.0, "fix_assets": 97.9, "goodwill_ratio": 1.0, "pb_calc": 0.9, "capex_dep": 0.49, "interest_debt": 217.3, "debt_ebitda": 17.6, "debt_ratio": 39.2, "debt_mv": 57.2, "payout": 83.0, "div_years": 5, "rev_cagr3": -7.9, "np_cagr3": -21.5, "rev_yoy": 0.7, "np_yoy": 23.8, "np_vol": 11.4, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 44.0], ["服装", 28.0], ["房地产板块", 12.0], ["房地产开发", 11.0]], "ret_prev_year": -10.3, "ret_prev2_year": 59.7, "ret_ytd": 12.3, "ret_pivot": 42.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.9, "ret_60": 10.5, "ret_120": 12.9, "ret_250": 14.8, "mdd_250": -10.6, "vol_250": 17.3, "pos_52w": 99.5}, "S": {"duration": 28, "pricing": 61, "hard": 22, "bondness": 94}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 83%、股息率 5.3%、营收 3 年复合 -7.9%、有息负债/EBITDA 17.6 倍: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 45.9%),硬资产占比 14%。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 2.3%(经营现金流/市值 3.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 45.9%,稳定度 85%,2020→2022 成本通胀期毛利率变化 1.6 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 14%,资本开支/折旧 0.49 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.3 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 15%,最大回撤 -11%,年化波动 17%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 8% / 10% / 13%。", "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%。", "雅戈尔:PE 比行业中位低 24.3倍;股息率 比行业中位高 2.9个百分点;毛利率 比行业中位高 4.4个百分点;固定资产占比 比行业中位低 0.1个百分点。"]}}