{"F": {"ts_code": "603332.SH", "name": "苏州龙杰", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学纤维", "sw3": "涤纶", "ind": "化学纤维", "fin_source": "tushare", "market": "主板", "list_date": "20190117", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.77, "pe_ttm": 25.9846, "pb": 1.9498, "dv_ttm": 2.3713, "total_mv": 254640.6544, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.0, 9.4, 1.6, 4.8, 8.8, 9.9], "rev_series": [8.8, 10.7, 10.7, 16.0, 16.8, 16.6], "np_series": [0.4, 0.4, -0.5, 0.1, 0.6, 0.8], "roe_series": [2.6, 2.7, -3.8, 1.1, 4.6, 6.0], "period": "20260630", "rev_ttm": 18.7, "np_ttm": 1.0, "ocf_ttm": 2.7, "fcf_ttm": 2.6, "fcf_yield": 10.1, "ocf_yield": 10.7, "gm_median": 8.8, "gm_std": 3.2, "gm_stab": 0.64, "gm_chg_2022": -8.4, "npm_median": 3.4, "roe_median": 2.7, "commodity": false, "hard_ratio": 29.0, "fix_assets": 4.5, "goodwill_ratio": 0.0, "pb_calc": 1.95, "capex_dep": 0.28, "interest_debt": 0.4, "debt_ebitda": 0.2, "debt_ratio": 16.5, "debt_mv": 1.5, "payout": 81.5, "div_years": 5, "rev_cagr3": 15.9, "np_cagr3": null, "rev_yoy": 29.7, "np_yoy": 64.2, "np_vol": 175.5, "loss_years": 1, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["FDY差别化产品", 71.0], ["DTY差别化产品", 26.0], ["其他主营业务", 1.0], ["其他", 1.0]], "ret_prev_year": 67.7, "ret_prev2_year": -25.0, "ret_ytd": -13.5, "ret_pivot": 84.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.0, "ret_60": 8.0, "ret_120": -11.9, "ret_250": -24.4, "mdd_250": -41.2, "vol_250": 38.9, "pos_52w": 70.2}, "S": {"duration": 48, "pricing": 31, "hard": 46, "bondness": 47}, "label": "中性", "tags": [], "text": {"像什么": ["PE 26.0 倍、股息率 2.4%、毛利率近 5 年中位 8.8%、固定资产占比 29%、有息负债/EBITDA 0.2 倍: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 29%,毛利率近 5 年中位 8.8%。", "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 10.1%(经营现金流/市值 10.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 8.8%,稳定度 64%,2020→2022 成本通胀期毛利率变化 -8.4 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 29%,资本开支/折旧 0.28 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.0 倍 粗算,约 81%(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 -24%,最大回撤 -41%,年化波动 39%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 7% / 8% / -12%。", "行业对照": ["同申万二级「化学纤维」27 家中位:PE 32.4 / 股息率 1.0% / 毛利率 15.3% / 固定资产占比 46% / 分红率 35%。", "苏州龙杰:PE 比行业中位低 6.4倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位低 6.5个百分点;固定资产占比 比行业中位低 16.6个百分点。"]}}