{"F": {"ts_code": "603365.SH", "name": "水星家纺", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "服装家纺", "sw3": "家纺", "ind": "服装家纺", "fin_source": "tushare", "market": "主板", "list_date": "20171120", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 16.9, "pe_ttm": 10.668, "pb": 1.4364, "dv_ttm": 5.8344, "total_mv": 443618.747, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.3, 38.0, 38.7, 40.0, 41.4, 45.0], "rev_series": [30.3, 38.0, 36.6, 42.1, 41.9, 45.3], "np_series": [2.7, 3.9, 2.8, 3.8, 3.7, 4.1], "roe_series": [11.8, 15.5, 10.3, 13.3, 12.4, 13.3], "period": "20260630", "rev_ttm": 45.8, "np_ttm": 4.2, "ocf_ttm": 4.0, "fcf_ttm": 2.5, "fcf_yield": 5.6, "ocf_yield": 9.0, "gm_median": 40.0, "gm_std": 2.5, "gm_stab": 0.94, "gm_chg_2022": 3.4, "npm_median": 9.0, "roe_median": 13.3, "commodity": false, "hard_ratio": 14.0, "fix_assets": 5.3, "goodwill_ratio": 0.0, "pb_calc": 1.44, "capex_dep": 3.63, "interest_debt": 0.6, "debt_ebitda": 0.1, "debt_ratio": 18.5, "debt_mv": 1.3, "payout": 63.3, "div_years": 5, "rev_cagr3": 7.3, "np_cagr3": 13.5, "rev_yoy": 2.8, "np_yoy": 6.4, "np_vol": 25.4, "loss_years": 0, "far_share": 53.0, "earn_yield": 9.4, "consensus_n": 15, "fwd_pe": 9.8, "fwd_pe2": 8.8, "fwd_g1": 9.0, "fwd_g2": 11.0, "peg": 0.89, "consensus_disp": null, "mainbz": [["产品", 50.0], ["销售商品", 50.0], ["销售材料", 0.0], ["合计特别调整", 0.0]], "ret_prev_year": 40.1, "ret_prev2_year": 23.5, "ret_ytd": -15.7, "ret_pivot": 79.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.4, "ret_60": -2.3, "ret_120": -15.8, "ret_250": 0.8, "mdd_250": -29.4, "vol_250": 35.8, "pos_52w": 76.6}, "S": {"duration": 23, "pricing": 63, "hard": 22, "bondness": 65}, "label": "轻资产现金牛", "tags": ["现金流红利", "资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["固定资产占比 14%,毛利率近 5 年中位 40.0%,自由现金流/市值 5.6%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 40.0%),硬资产占比 14%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 5.6%(经营现金流/市值 9.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 40.0%,稳定度 94%,2020→2022 成本通胀期毛利率变化 3.4 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 14%,资本开支/折旧 3.63 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.7 倍 粗算,约 53%(1 − 5/PE)。中等。"]], "价格行为": "近一年 1%,最大回撤 -29%,年化波动 36%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -4% / -2% / -16%。", "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%。", "水星家纺:PE 比行业中位低 26.9倍;股息率 比行业中位高 3.4个百分点;毛利率 比行业中位低 1.5个百分点;固定资产占比 比行业中位低 0.1个百分点。"]}}