{"F": {"ts_code": "603055.SH", "name": "台华新材", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "纺织制造", "sw3": "其他纺织", "ind": "纺织制造", "fin_source": "tushare", "market": "主板", "list_date": "20170921", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.38, "pe_ttm": 14.162, "pb": 1.5214, "dv_ttm": 1.9185, "total_mv": 835095.5882, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.8, 25.5, 21.7, 21.8, 23.0, 20.8], "rev_series": [25.0, 42.6, 40.1, 50.9, 71.2, 64.1], "np_series": [1.2, 4.6, 2.7, 4.5, 7.3, 5.3], "roe_series": [4.2, 13.8, 6.9, 10.5, 15.4, 10.3], "period": "20260630", "rev_ttm": 66.7, "np_ttm": 5.9, "ocf_ttm": 19.3, "fcf_ttm": 11.0, "fcf_yield": 13.1, "ocf_yield": 23.1, "gm_median": 21.8, "gm_std": 1.7, "gm_stab": 0.92, "gm_chg_2022": -0.1, "npm_median": 8.8, "roe_median": 10.5, "commodity": false, "hard_ratio": 50.4, "fix_assets": 60.7, "goodwill_ratio": 0.0, "pb_calc": 1.5, "capex_dep": 1.65, "interest_debt": 46.9, "debt_ebitda": 3.5, "debt_ratio": 53.5, "debt_mv": 56.2, "payout": 30.5, "div_years": 5, "rev_cagr3": 16.9, "np_cagr3": 25.5, "rev_yoy": 8.4, "np_yoy": 18.0, "np_vol": 117.6, "loss_years": 0, "far_share": 65.0, "earn_yield": 7.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 35.0], ["长丝", 19.0], ["锦纶长丝", 19.0], ["面料成品", 8.0]], "ret_prev_year": -13.1, "ret_prev2_year": -7.0, "ret_ytd": 1.3, "ret_pivot": 2.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 14.4, "ret_60": 15.9, "ret_120": -6.0, "ret_250": -3.6, "mdd_250": -24.7, "vol_250": 29.9, "pos_52w": 90.6}, "S": {"duration": 30, "pricing": 51, "hard": 81, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 14.2 倍、股息率 1.9%、毛利率近 5 年中位 21.8%、固定资产占比 50%、有息负债/EBITDA 3.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 50%),没有定价权:毛利率近 5 年中位 21.8%,稳定度 92%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 13.1%(经营现金流/市值 23.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.8%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -0.1 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 50%,资本开支/折旧 1.65 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.2 倍 粗算,约 65%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -4%,最大回撤 -25%,年化波动 30%,现价在 52 周高点的 91%;近 20 / 60 / 120 日 14% / 16% / -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%。", "台华新材:PE 比行业中位低 8.9倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 4.9个百分点;固定资产占比 比行业中位高 20.3个百分点。"]}}