{"F": {"ts_code": "600790.SH", "name": "轻纺城", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "商业物业经营", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "19970228", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.42, "pe_ttm": 25.5015, "pb": 0.8889, "dv_ttm": 3.2505, "total_mv": 501300.4878, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [52.5, 57.0, 56.5, 48.9, 43.8, 31.5], "rev_series": [8.2, 9.3, 8.2, 8.5, 9.5, 8.8], "np_series": [4.0, 4.3, 11.9, 2.1, 1.4, -0.2], "roe_series": [6.9, 7.5, 19.7, 3.5, 2.3, -0.3], "period": "20260630", "rev_ttm": 8.2, "np_ttm": 2.0, "ocf_ttm": -2.4, "fcf_ttm": -15.8, "fcf_yield": -31.5, "ocf_yield": -4.9, "gm_median": 48.9, "gm_std": 9.4, "gm_stab": 0.81, "gm_chg_2022": 3.9, "npm_median": 26.6, "roe_median": 3.5, "commodity": false, "hard_ratio": 10.4, "fix_assets": 14.2, "goodwill_ratio": 0.1, "pb_calc": 0.89, "capex_dep": 5.94, "interest_debt": 30.6, "debt_ebitda": 64.9, "debt_ratio": 50.9, "debt_mv": 61.1, "payout": 91.2, "div_years": 5, "rev_cagr3": 2.3, "np_cagr3": null, "rev_yoy": -11.2, "np_yoy": 127.6, "np_vol": 100.5, "loss_years": 1, "far_share": 80.0, "earn_yield": 3.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["主营业务", 32.0], ["租赁业", 32.0], ["其他业务", 2.0]], "ret_prev_year": 5.7, "ret_prev2_year": -3.3, "ret_ytd": -7.8, "ret_pivot": 12.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.3, "ret_60": -6.8, "ret_120": -9.5, "ret_250": -9.5, "mdd_250": -36.3, "vol_250": 30.2, "pos_52w": 71.0}, "S": {"duration": 47, "pricing": 63, "hard": 17, "bondness": 84}, "label": "现金流红利", "tags": ["资本开支扩张期"], "text": {"像什么": ["分红率 91%、股息率 3.3%、营收 3 年复合 2.3%、有息负债/EBITDA 64.9 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 10%,毛利率近 5 年中位 48.9%。", "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 -31.5%(经营现金流/市值 -4.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 48.9%,稳定度 81%,2020→2022 成本通胀期毛利率变化 3.9 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 10%,资本开支/折旧 5.94 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.5 倍 粗算,约 80%(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 -10%,最大回撤 -36%,年化波动 30%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 4% / -7% / -10%。", "行业对照": ["同申万二级「一般零售」60 家中位:PE 60.7 / 股息率 1.1% / 毛利率 34.2% / 固定资产占比 15% / 分红率 51%。", "轻纺城:PE 比行业中位低 35.2倍;股息率 比行业中位高 2.2个百分点;毛利率 比行业中位高 14.7个百分点;固定资产占比 比行业中位低 5.0个百分点。"]}}