{"F": {"ts_code": "600987.SH", "name": "航民股份", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "纺织制造", "sw3": "印染", "ind": "纺织制造", "fin_source": "tushare", "market": "主板", "list_date": "20040809", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.52, "pe_ttm": 9.2391, "pb": 0.9871, "dv_ttm": 5.3681, "total_mv": 665573.9228, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.3, 13.5, 13.1, 13.8, 13.8, 15.8], "rev_series": [52.3, 94.9, 95.7, 96.7, 114.7, 107.2], "np_series": [6.0, 6.7, 6.6, 6.9, 7.2, 7.3], "roe_series": [12.0, 12.5, 11.7, 11.4, 11.5, 11.2], "period": "20260630", "rev_ttm": 91.7, "np_ttm": 7.2, "ocf_ttm": 11.0, "fcf_ttm": 8.2, "fcf_yield": 12.3, "ocf_yield": 16.5, "gm_median": 13.8, "gm_std": 0.9, "gm_stab": 0.93, "gm_chg_2022": -7.2, "npm_median": 7.9, "roe_median": 11.5, "commodity": false, "hard_ratio": 17.7, "fix_assets": 18.7, "goodwill_ratio": 1.9, "pb_calc": 0.99, "capex_dep": 1.16, "interest_debt": 20.5, "debt_ebitda": 2.0, "debt_ratio": 28.7, "debt_mv": 30.7, "payout": 46.2, "div_years": 5, "rev_cagr3": 3.9, "np_cagr3": 3.8, "rev_yoy": -28.6, "np_yoy": -4.6, "np_vol": 4.0, "loss_years": 0, "far_share": 46.0, "earn_yield": 10.8, "consensus_n": 2, "fwd_pe": 8.0, "fwd_pe2": 7.5, "fwd_g1": 16.0, "fwd_g2": 6.0, "peg": 1.33, "consensus_disp": null, "mainbz": [["纺织印染业", 24.0], ["纺织业", 24.0], ["黄金珠宝类", 24.0], ["黄金珠宝业", 24.0]], "ret_prev_year": 5.6, "ret_prev2_year": -19.5, "ret_ytd": -1.8, "ret_pivot": -0.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.2, "ret_60": 2.2, "ret_120": -15.8, "ret_250": -8.0, "mdd_250": -28.0, "vol_250": 27.5, "pos_52w": 77.6}, "S": {"duration": 21, "pricing": 43, "hard": 28, "bondness": 68}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 46%、股息率 5.4%、营收 3 年复合 3.9%、有息负债/EBITDA 2.0 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 18%,毛利率近 5 年中位 13.8%。", "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 12.3%(经营现金流/市值 16.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.8%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -7.2 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 18%,资本开支/折旧 1.16 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 9.2 倍 粗算,约 46%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -8%,最大回撤 -28%,年化波动 28%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 -2% / 2% / -16%。", "行业对照": ["同申万二级「纺织制造」33 家中位:PE 23.1 / 股息率 1.3% / 毛利率 16.9% / 固定资产占比 30% / 分红率 46%。", "航民股份:PE 比行业中位低 13.9倍;股息率 比行业中位高 4.1个百分点;毛利率 比行业中位低 3.1个百分点;固定资产占比 比行业中位低 12.4个百分点。"]}}