{"F": {"ts_code": "600854.SH", "name": "春兰股份", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "白色家电", "sw3": "空调", "ind": "白色家电", "fin_source": "tushare", "market": "主板", "list_date": "19940425", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.75, "pe_ttm": 23.0212, "pb": 1.0025, "dv_ttm": 2.5263, "total_mv": 246742.7875, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.4, 38.9, 49.7, 48.3, 38.9, 21.7], "rev_series": [2.6, 2.4, 2.8, 1.7, 0.9, 0.9], "np_series": [0.4, 1.0, 1.2, 1.5, 1.3, 1.3], "roe_series": [2.0, 4.8, 5.7, 6.5, 5.6, 5.2], "period": "20260630", "rev_ttm": 1.3, "np_ttm": 1.1, "ocf_ttm": -0.1, "fcf_ttm": -0.1, "fcf_yield": -0.6, "ocf_yield": -0.5, "gm_median": 38.9, "gm_std": 10.0, "gm_stab": 0.74, "gm_chg_2022": 13.3, "npm_median": 89.9, "roe_median": 5.6, "commodity": false, "hard_ratio": 3.0, "fix_assets": 0.7, "goodwill_ratio": 0.0, "pb_calc": 1.0, "capex_dep": 0.12, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 5.9, "debt_mv": 0.1, "payout": 48.8, "div_years": 5, "rev_cagr3": -30.4, "np_cagr3": 1.3, "rev_yoy": 65.0, "np_yoy": -17.2, "np_vol": 58.2, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 46.0], ["空调器", 37.0], ["其他业务", 9.0], ["房租", 8.0]], "ret_prev_year": 12.2, "ret_prev2_year": -11.2, "ret_ytd": -2.5, "ret_pivot": 26.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.0, "ret_60": 8.2, "ret_120": -10.7, "ret_250": -11.2, "mdd_250": -32.4, "vol_250": 30.7, "pos_52w": 80.2}, "S": {"duration": 44, "pricing": 57, "hard": 5, "bondness": 55}, "label": "中性", "tags": [], "text": {"像什么": ["PE 23.0 倍、股息率 2.5%、毛利率近 5 年中位 38.9%、固定资产占比 3%、资产负债率 6%: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 3%,毛利率近 5 年中位 38.9%。", "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 -0.6%(经营现金流/市值 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.9%,稳定度 74%,2020→2022 成本通胀期毛利率变化 13.3 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 3%,资本开支/折旧 0.12 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.0 倍 粗算,约 78%(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 -11%,最大回撤 -32%,年化波动 31%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 8% / 8% / -11%。", "行业对照": ["同申万二级「白色家电」11 家中位:PE 13.9 / 股息率 4.4% / 毛利率 20.8% / 固定资产占比 14% / 分红率 49%。", "春兰股份:PE 比行业中位高 9.1倍;股息率 比行业中位低 1.9个百分点;毛利率 比行业中位高 18.1个百分点;固定资产占比 比行业中位低 11.5个百分点。"]}}