{"F": {"ts_code": "603116.SH", "name": "红蜻蜓", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "服装家纺", "sw3": "鞋帽及其他", "ind": "服装家纺", "fin_source": "tushare", "market": "主板", "list_date": "20150629", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.37, "pe_ttm": null, "pb": 1.5257, "dv_ttm": 3.3915, "total_mv": 367039.9096, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.2, 33.4, 35.0, 36.9, 39.1, 39.0], "rev_series": [25.9, 25.1, 22.5, 24.7, 21.4, 20.2], "np_series": [0.8, 0.2, -0.4, 0.5, -0.7, -1.4], "roe_series": [2.3, 0.7, -1.1, 1.7, -2.4, -5.3], "period": "20260630", "rev_ttm": 20.2, "np_ttm": -1.1, "ocf_ttm": 1.5, "fcf_ttm": 1.2, "fcf_yield": 3.3, "ocf_yield": 4.1, "gm_median": 36.9, "gm_std": 2.2, "gm_stab": 0.94, "gm_chg_2022": 0.8, "npm_median": -1.4, "roe_median": -1.1, "commodity": false, "hard_ratio": 15.6, "fix_assets": 5.4, "goodwill_ratio": 0.1, "pb_calc": 1.53, "capex_dep": 0.45, "interest_debt": 1.1, "debt_ebitda": 8.1, "debt_ratio": 25.1, "debt_mv": 3.1, "payout": 222.2, "div_years": 5, "rev_cagr3": -3.5, "np_cagr3": null, "rev_yoy": -0.1, "np_yoy": 139.0, "np_vol": 176.5, "loss_years": 3, "far_share": 100, "earn_yield": null, "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], ["鞋靴", 28.0], ["皮鞋", 28.0], ["其他业务", 4.0]], "ret_prev_year": 16.3, "ret_prev2_year": -9.1, "ret_ytd": 7.8, "ret_pivot": 75.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.9, "ret_60": -8.2, "ret_120": 11.2, "ret_250": 5.8, "mdd_250": -38.2, "vol_250": 42.6, "pos_52w": 80.2}, "S": {"duration": 100, "pricing": 59, "hard": 25, "bondness": 90}, "label": "现金流红利", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["分红率 222%、股息率 3.4%、营收 3 年复合 -3.5%、有息负债/EBITDA 8.1 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 36.9%),硬资产占比 16%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 3.3%(经营现金流/市值 4.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.9%,稳定度 94%,2020→2022 成本通胀期毛利率变化 0.8 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 16%,资本开支/折旧 0.45 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 6%,最大回撤 -38%,年化波动 43%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 4% / -8% / 11%。", "行业对照": ["同申万二级「服装家纺」60 家中位:PE 37.6 / 股息率 2.4% / 毛利率 41.5% / 固定资产占比 14% / 分红率 66%。", "红蜻蜓:PE ;股息率 比行业中位高 1.0个百分点;毛利率 比行业中位低 4.6个百分点;固定资产占比 比行业中位高 1.5个百分点。"]}}