{"F": {"ts_code": "600287.SH", "name": "苏豪时尚", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "贸易Ⅱ", "sw3": "贸易Ⅲ", "ind": "贸易Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20000901", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.02, "pe_ttm": 103.5311, "pb": 0.9984, "dv_ttm": null, "total_mv": 219271.6422, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.8, 9.8, 11.9, 15.6, 14.3, 17.1], "rev_series": [29.7, 38.8, 41.0, 34.0, 32.5, 24.7], "np_series": [1.6, -6.1, 0.6, 0.7, 0.5, 0.3], "roe_series": [4.0, -31.4, 3.4, 4.0, 2.5, 1.1], "period": "20260630", "rev_ttm": 24.8, "np_ttm": 0.2, "ocf_ttm": 1.3, "fcf_ttm": 1.2, "fcf_yield": 5.3, "ocf_yield": 5.9, "gm_median": 14.3, "gm_std": 2.6, "gm_stab": 0.82, "gm_chg_2022": 0.1, "npm_median": 2.6, "roe_median": 2.5, "commodity": false, "hard_ratio": 7.9, "fix_assets": 2.3, "goodwill_ratio": 0.0, "pb_calc": 1.0, "capex_dep": 0.81, "interest_debt": 0.5, "debt_ebitda": 0.7, "debt_ratio": 18.4, "debt_mv": 2.3, "payout": null, "div_years": 1, "rev_cagr3": -15.5, "np_cagr3": -25.2, "rev_yoy": 0.3, "np_yoy": -25.1, "np_vol": 221.1, "loss_years": 1, "far_share": 95.0, "earn_yield": 1.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["商品流通收入", 31.0], ["商品流通", 31.0], ["服装加工收入", 1.0]], "ret_prev_year": 30.0, "ret_prev2_year": -33.4, "ret_ytd": -8.1, "ret_pivot": 69.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.9, "ret_60": 4.1, "ret_120": -15.6, "ret_250": -16.7, "mdd_250": -35.2, "vol_250": 30.8, "pos_52w": 79.2}, "S": {"duration": 92, "pricing": 43, "hard": 13, "bondness": 22}, "label": "中性", "tags": [], "text": {"像什么": ["PE 103.5 倍、股息率 —、毛利率近 5 年中位 14.3%、固定资产占比 8%、有息负债/EBITDA 0.7 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 8%,毛利率近 5 年中位 14.3%。", "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 5.3%(经营现金流/市值 5.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.3%,稳定度 82%,2020→2022 成本通胀期毛利率变化 0.1 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 8%,资本开支/折旧 0.81 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 103.5 倍 粗算,约 95%(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 -17%,最大回撤 -35%,年化波动 31%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 9% / 4% / -16%。", "行业对照": ["同申万二级「贸易Ⅱ」12 家中位:PE 12.4 / 股息率 1.7% / 毛利率 4.7% / 固定资产占比 4% / 分红率 59%。", "苏豪时尚:PE 比行业中位高 91.1倍;股息率 ;毛利率 比行业中位高 9.6个百分点;固定资产占比 比行业中位高 3.9个百分点。"]}}