{"F": {"ts_code": "603366.SH", "name": "日出东方", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "厨卫电器", "sw3": "卫浴电器", "ind": "厨卫电器", "fin_source": "tushare", "market": "主板", "list_date": "20120521", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.83, "pe_ttm": 37.4391, "pb": 1.4725, "dv_ttm": 0.5747, "total_mv": 636616.6623, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.4, 29.5, 29.9, 29.1, 23.6, 27.0], "rev_series": [35.4, 42.1, 39.0, 48.4, 50.8, 40.9], "np_series": [1.7, 2.1, 2.6, 2.1, 2.1, 1.7], "roe_series": [5.2, 6.1, 7.0, 5.4, 5.2, 4.1], "period": "20260630", "rev_ttm": 43.3, "np_ttm": 1.7, "ocf_ttm": 4.9, "fcf_ttm": 4.3, "fcf_yield": 6.7, "ocf_yield": 7.7, "gm_median": 29.1, "gm_std": 2.3, "gm_stab": 0.92, "gm_chg_2022": -1.5, "npm_median": 4.1, "roe_median": 5.4, "commodity": false, "hard_ratio": 15.4, "fix_assets": 12.7, "goodwill_ratio": 0.8, "pb_calc": 1.47, "capex_dep": 0.48, "interest_debt": 7.4, "debt_ebitda": 5.4, "debt_ratio": 47.1, "debt_mv": 11.6, "payout": 20.9, "div_years": 4, "rev_cagr3": 1.6, "np_cagr3": -12.3, "rev_yoy": 12.9, "np_yoy": -11.3, "np_vol": 18.8, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 47.0], ["其他业务", 3.0]], "ret_prev_year": -17.6, "ret_prev2_year": 91.8, "ret_ytd": -18.1, "ret_pivot": 110.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 15.1, "ret_60": 15.1, "ret_120": -23.8, "ret_250": -28.0, "mdd_250": -51.0, "vol_250": 47.1, "pos_52w": 61.1}, "S": {"duration": 61, "pricing": 53, "hard": 25, "bondness": 44}, "label": "中性", "tags": [], "text": {"像什么": ["PE 37.4 倍、股息率 0.6%、毛利率近 5 年中位 29.1%、固定资产占比 15%、有息负债/EBITDA 5.4 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 15%,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 6.7%(经营现金流/市值 7.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.1%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -1.5 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 15%,资本开支/折旧 0.48 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 37.4 倍 粗算,约 87%(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 -28%,最大回撤 -51%,年化波动 47%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 15% / 15% / -24%。", "行业对照": ["同申万二级「厨卫电器」9 家中位:PE 16.5 / 股息率 3.9% / 毛利率 44.7% / 固定资产占比 21% / 分红率 79%。", "日出东方:PE 比行业中位高 20.9倍;股息率 比行业中位低 3.3个百分点;毛利率 比行业中位低 15.6个百分点;固定资产占比 比行业中位低 5.5个百分点。"]}}