{"F": {"ts_code": "603511.SH", "name": "爱慕股份", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "服装家纺", "sw3": "非运动服装", "ind": "服装家纺", "fin_source": "tushare", "market": "主板", "list_date": "20210531", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.69, "pe_ttm": 29.4459, "pb": 1.1805, "dv_ttm": 2.9026, "total_mv": 515054.4867, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [67.0, 67.6, 66.3, 66.3, 65.2, 66.0], "rev_series": [33.6, 35.2, 33.0, 34.3, 31.6, 30.9], "np_series": [4.4, 3.4, 2.1, 3.1, 1.6, 1.5], "roe_series": [13.7, 8.8, 4.6, 6.8, 3.7, 3.5], "period": "20260630", "rev_ttm": 30.7, "np_ttm": 1.7, "ocf_ttm": 5.5, "fcf_ttm": 4.1, "fcf_yield": 7.9, "ocf_yield": 10.7, "gm_median": 66.3, "gm_std": 0.8, "gm_stab": 0.99, "gm_chg_2022": -0.7, "npm_median": 6.2, "roe_median": 4.6, "commodity": false, "hard_ratio": 17.7, "fix_assets": 9.2, "goodwill_ratio": 0.0, "pb_calc": 1.18, "capex_dep": 1.86, "interest_debt": 2.6, "debt_ebitda": 0.5, "debt_ratio": 15.2, "debt_mv": 5.0, "payout": 97.6, "div_years": 5, "rev_cagr3": -2.1, "np_cagr3": -9.5, "rev_yoy": -1.4, "np_yoy": 21.5, "np_vol": 34.2, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "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", 49.0], ["其他业务", 1.0]], "ret_prev_year": 23.6, "ret_prev2_year": -12.4, "ret_ytd": -16.1, "ret_pivot": 29.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.6, "ret_60": 2.7, "ret_120": -11.9, "ret_250": -16.3, "mdd_250": -38.4, "vol_250": 31.8, "pos_52w": 71.3}, "S": {"duration": 52, "pricing": 75, "hard": 28, "bondness": 73}, "label": "中性", "tags": [], "text": {"像什么": ["PE 29.4 倍、股息率 2.9%、毛利率近 5 年中位 66.3%、固定资产占比 18%、有息负债/EBITDA 0.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 66.3%),硬资产占比 18%。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": "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 7.9%(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 66.3%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -0.7 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 18%,资本开支/折旧 1.86 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.4 倍 粗算,约 83%(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 -16%,最大回撤 -38%,年化波动 32%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 7% / 3% / -12%。", "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%。", "爱慕股份:PE 比行业中位低 8.2倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 24.8个百分点;固定资产占比 比行业中位高 3.6个百分点。"]}}