{"F": {"ts_code": "600398.SH", "name": "海澜之家", "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": "20001228", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.9, "pe_ttm": 13.6664, "pb": 1.5899, "dv_ttm": 6.9492, "total_mv": 2833634.477, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.4, 40.6, 42.9, 44.5, 44.5, 44.9], "rev_series": [179.6, 201.9, 185.6, 215.3, 209.6, 216.3], "np_series": [17.8, 24.9, 21.6, 29.5, 21.6, 21.7], "roe_series": [13.1, 17.4, 14.6, 19.3, 13.1, 12.3], "period": "20260630", "rev_ttm": 224.8, "np_ttm": 20.7, "ocf_ttm": 44.2, "fcf_ttm": 39.7, "fcf_yield": 14.0, "ocf_yield": 15.6, "gm_median": 44.5, "gm_std": 1.6, "gm_stab": 0.96, "gm_chg_2022": 5.5, "npm_median": 11.1, "roe_median": 14.6, "commodity": false, "hard_ratio": 8.1, "fix_assets": 25.7, "goodwill_ratio": 2.3, "pb_calc": 1.59, "capex_dep": 1.66, "interest_debt": 16.3, "debt_ebitda": 0.4, "debt_ratio": 43.0, "debt_mv": 5.8, "payout": 89.1, "div_years": 5, "rev_cagr3": 5.2, "np_cagr3": 0.2, "rev_yoy": 7.4, "np_yoy": -5.9, "np_vol": 26.7, "loss_years": 0, "far_share": 63.0, "earn_yield": 7.3, "consensus_n": 24, "fwd_pe": 12.9, "fwd_pe2": 11.8, "fwd_g1": 6.0, "fwd_g2": 9.0, "peg": 1.43, "consensus_disp": null, "mainbz": [["产品", 35.0], ["海澜之家系列", 27.0], ["海澜之家", 27.0], ["其他品牌", 5.0]], "ret_prev_year": -18.4, "ret_prev2_year": 14.4, "ret_ytd": 4.6, "ret_pivot": 18.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.5, "ret_60": 1.0, "ret_120": 0.2, "ret_250": -12.6, "mdd_250": -24.9, "vol_250": 22.8, "pos_52w": 84.8}, "S": {"duration": 29, "pricing": 67, "hard": 13, "bondness": 77}, "label": "轻资产现金牛", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["固定资产占比 8%,毛利率近 5 年中位 44.5%,自由现金流/市值 14.0%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 44.5%),硬资产占比 8%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 14.0%(经营现金流/市值 15.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 44.5%,稳定度 96%,2020→2022 成本通胀期毛利率变化 5.5 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 8%,资本开支/折旧 1.66 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.7 倍 粗算,约 63%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -13%,最大回撤 -25%,年化波动 23%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 -2% / 1% / 0%。", "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%。", "海澜之家:PE 比行业中位低 23.9倍;股息率 比行业中位高 4.5个百分点;毛利率 比行业中位高 3.0个百分点;固定资产占比 比行业中位低 6.0个百分点。"]}}