{"F": {"ts_code": "601339.SH", "name": "百隆东方", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "纺织制造", "sw3": "棉纺", "ind": "纺织制造", "fin_source": "tushare", "market": "主板", "list_date": "20120612", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.52, "pe_ttm": 13.6589, "pb": 1.2245, "dv_ttm": 5.7181, "total_mv": 1127675.888, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.0, 26.2, 26.9, 8.6, 10.2, 13.7], "rev_series": [61.3, 77.7, 69.9, 69.1, 79.4, 78.6], "np_series": [3.7, 13.7, 15.6, 5.0, 4.1, 6.6], "roe_series": [4.6, 16.2, 16.4, 5.1, 4.2, 7.0], "period": "20260630", "rev_ttm": 85.4, "np_ttm": 8.3, "ocf_ttm": 20.4, "fcf_ttm": 17.9, "fcf_yield": 15.9, "ocf_yield": 18.1, "gm_median": 13.7, "gm_std": 7.9, "gm_stab": 0.43, "gm_chg_2022": 15.9, "npm_median": 8.3, "roe_median": 7.0, "commodity": false, "hard_ratio": 22.5, "fix_assets": 30.4, "goodwill_ratio": 0.0, "pb_calc": 1.22, "capex_dep": 0.53, "interest_debt": 35.3, "debt_ebitda": 2.8, "debt_ratio": 31.8, "debt_mv": 31.3, "payout": 90.9, "div_years": 5, "rev_cagr3": 4.0, "np_cagr3": -25.1, "rev_yoy": 19.0, "np_yoy": 43.5, "np_vol": 118.6, "loss_years": 0, "far_share": 63.0, "earn_yield": 7.3, "consensus_n": 18, "fwd_pe": 11.5, "fwd_pe2": 10.8, "fwd_g1": 18.0, "fwd_g2": 7.0, "peg": 1.64, "consensus_disp": null, "mainbz": [["纱线", 93.0], ["其他业务", 7.0]], "ret_prev_year": 16.5, "ret_prev2_year": 23.3, "ret_ytd": 40.3, "ret_pivot": 100.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.8, "ret_60": 11.1, "ret_120": 5.8, "ret_250": 48.3, "mdd_250": -27.2, "vol_250": 41.2, "pos_52w": 83.5}, "S": {"duration": 29, "pricing": 33, "hard": 36, "bondness": 86}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 91%、股息率 5.7%、营收 3 年复合 4.0%、有息负债/EBITDA 2.8 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 22%,毛利率近 5 年中位 13.7%。", "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 15.9%(经营现金流/市值 18.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.7%,稳定度 43%,2020→2022 成本通胀期毛利率变化 15.9 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 22%,资本开支/折旧 0.53 倍。有一些。"], ["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 48%,最大回撤 -27%,年化波动 41%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 -5% / 11% / 6%。", "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%。", "百隆东方:PE 比行业中位低 9.4倍;股息率 比行业中位高 4.4个百分点;毛利率 比行业中位低 3.2个百分点;固定资产占比 比行业中位低 7.6个百分点。"]}}