{"F": {"ts_code": "603518.SH", "name": "锦泓集团", "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": "20141203", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.12, "pe_ttm": 10.846, "pb": 0.7364, "dv_ttm": 2.4631, "total_mv": 280425.824, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [67.7, 69.6, 69.2, 69.2, 68.6, 67.9], "rev_series": [33.4, 43.2, 39.0, 45.4, 44.0, 42.0], "np_series": [-6.2, 2.2, 0.7, 3.0, 3.1, 2.3], "roe_series": [-27.5, 9.9, 2.5, 9.2, 8.7, 6.2], "period": "20260630", "rev_ttm": 41.4, "np_ttm": 2.6, "ocf_ttm": 4.2, "fcf_ttm": 3.0, "fcf_yield": 10.7, "ocf_yield": 15.0, "gm_median": 69.2, "gm_std": 0.6, "gm_stab": 0.99, "gm_chg_2022": 1.5, "npm_median": 5.4, "roe_median": 8.7, "commodity": false, "hard_ratio": 1.2, "fix_assets": 0.7, "goodwill_ratio": 32.4, "pb_calc": 0.74, "capex_dep": 10.83, "interest_debt": 11.3, "debt_ebitda": 1.4, "debt_ratio": 32.5, "debt_mv": 40.2, "payout": 30.3, "div_years": 4, "rev_cagr3": 2.5, "np_cagr3": 46.9, "rev_yoy": -3.4, "np_yoy": 28.3, "np_vol": 140.0, "loss_years": 0, "far_share": 54.0, "earn_yield": 9.2, "consensus_n": 5, "fwd_pe": 9.0, "fwd_pe2": 7.9, "fwd_g1": 21.0, "fwd_g2": 14.0, "peg": 0.64, "consensus_disp": null, "mainbz": [["产品", 34.0], ["女装", 16.0], ["TEENIEWEENIE-女装", 16.0], ["童装", 6.0]], "ret_prev_year": 2.4, "ret_prev2_year": 0.4, "ret_ytd": -14.6, "ret_pivot": 40.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.4, "ret_60": 1.6, "ret_120": -9.1, "ret_250": -23.1, "mdd_250": -38.4, "vol_250": 33.0, "pos_52w": 72.0}, "S": {"duration": 24, "pricing": 78, "hard": 2, "bondness": 47}, "label": "轻资产现金牛", "tags": ["商誉占比高", "资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["固定资产占比 1%,毛利率近 5 年中位 69.2%,自由现金流/市值 10.7%: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 69.2%),硬资产占比 1%。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 10.7%(经营现金流/市值 15.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 69.2%,稳定度 99%,2020→2022 成本通胀期毛利率变化 1.5 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 1%,资本开支/折旧 10.83 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.8 倍 粗算,约 54%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -23%,最大回撤 -38%,年化波动 33%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 2% / 2% / -9%。", "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%。", "锦泓集团:PE 比行业中位低 26.8倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位高 27.7个百分点;固定资产占比 比行业中位低 12.9个百分点。"]}}