{"F": {"ts_code": "603216.SH", "name": "梦天家居", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "家居用品", "sw3": "定制家居", "ind": "家居用品", "fin_source": "tushare", "market": "主板", "list_date": "20211215", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 22.1, "pe_ttm": 80.6111, "pb": 2.7541, "dv_ttm": 0.905, "total_mv": 492144.9, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.0, 31.9, 31.9, 28.1, 28.1, 29.1], "rev_series": [12.3, 15.2, 13.9, 13.2, 11.2, 10.8], "np_series": [1.7, 1.8, 2.2, 1.0, 0.6, 0.6], "roe_series": [32.2, 16.8, 13.1, 5.4, 3.4, 3.6], "period": "20260630", "rev_ttm": 10.5, "np_ttm": 0.6, "ocf_ttm": 0.3, "fcf_ttm": 0.1, "fcf_yield": 0.2, "ocf_yield": 0.6, "gm_median": 29.1, "gm_std": 1.7, "gm_stab": 0.94, "gm_chg_2022": -6.1, "npm_median": 7.3, "roe_median": 5.4, "commodity": false, "hard_ratio": 20.2, "fix_assets": 4.4, "goodwill_ratio": 0.0, "pb_calc": 2.75, "capex_dep": 0.24, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 17.7, "debt_mv": null, "payout": 71.4, "div_years": 5, "rev_cagr3": -7.9, "np_cagr3": -33.5, "rev_yoy": -7.9, "np_yoy": -10.7, "np_vol": 29.3, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 47.0], ["柜类", 17.0], ["门类", 16.0], ["墙板", 8.0]], "ret_prev_year": 347.4, "ret_prev2_year": -15.8, "ret_ytd": -52.8, "ret_pivot": 158.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.0, "ret_60": -0.2, "ret_120": -38.0, "ret_250": 46.0, "mdd_250": -68.0, "vol_250": 67.4, "pos_52w": 38.5}, "S": {"duration": 87, "pricing": 51, "hard": 32, "bondness": 53}, "label": "中性", "tags": [], "text": {"像什么": ["PE 80.6 倍、股息率 0.9%、毛利率近 5 年中位 29.1%、固定资产占比 20%、资产负债率 18%: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 20%,毛利率近 5 年中位 29.1%。", "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 0.2%(经营现金流/市值 0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.1%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -6.1 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 20%,资本开支/折旧 0.24 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 80.6 倍 粗算,约 94%(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 46%,最大回撤 -68%,年化波动 67%,现价在 52 周高点的 38%;近 20 / 60 / 120 日 7% / -0% / -38%。", "行业对照": ["同申万二级「家居用品」77 家中位:PE 28.3 / 股息率 1.7% / 毛利率 28.3% / 固定资产占比 32% / 分红率 50%。", "梦天家居:PE 比行业中位高 52.3倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位高 0.8个百分点;固定资产占比 比行业中位低 11.4个百分点。"]}}