{"F": {"ts_code": "603558.SH", "name": "健盛集团", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "纺织制造", "sw3": "棉纺", "ind": "纺织制造", "fin_source": "tushare", "market": "主板", "list_date": "20150127", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.24, "pe_ttm": 9.5783, "pb": 1.8731, "dv_ttm": 5.0651, "total_mv": 419388.912, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.1, 26.8, 25.8, 26.0, 28.8, 30.2], "rev_series": [15.8, 20.5, 23.5, 22.8, 25.7, 25.9], "np_series": [-5.3, 1.7, 2.6, 2.7, 3.2, 4.0], "roe_series": [-19.4, 7.1, 10.9, 11.0, 13.2, 16.7], "period": "20260630", "rev_ttm": 26.3, "np_ttm": 4.4, "ocf_ttm": 4.7, "fcf_ttm": 0.2, "fcf_yield": 0.5, "ocf_yield": 11.1, "gm_median": 26.8, "gm_std": 1.7, "gm_stab": 0.94, "gm_chg_2022": 5.7, "npm_median": 11.9, "roe_median": 11.0, "commodity": false, "hard_ratio": 37.5, "fix_assets": 14.7, "goodwill_ratio": 2.5, "pb_calc": 1.87, "capex_dep": 2.8, "interest_debt": 13.5, "debt_ebitda": 2.0, "debt_ratio": 42.9, "debt_mv": 32.1, "payout": 56.2, "div_years": 5, "rev_cagr3": 3.2, "np_cagr3": 15.7, "rev_yoy": 3.4, "np_yoy": 23.2, "np_vol": 45.6, "loss_years": 0, "far_share": 48.0, "earn_yield": 10.4, "consensus_n": 13, "fwd_pe": 10.7, "fwd_pe2": 9.6, "fwd_g1": -11.0, "fwd_g2": 11.0, "peg": 0.97, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 10.7, "ret_prev2_year": 18.9, "ret_ytd": 15.7, "ret_pivot": 45.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.6, "ret_60": 7.8, "ret_120": -0.8, "ret_250": 35.0, "mdd_250": -26.8, "vol_250": 36.1, "pos_52w": 83.0}, "S": {"duration": 21, "pricing": 58, "hard": 60, "bondness": 72}, "label": "现金流红利", "tags": ["资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["分红率 56%、股息率 5.1%、营收 3 年复合 3.2%、有息负债/EBITDA 2.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 38%),没有定价权:毛利率近 5 年中位 26.8%,稳定度 94%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.5%(经营现金流/市值 11.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.8%,稳定度 94%,2020→2022 成本通胀期毛利率变化 5.7 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 38%,资本开支/折旧 2.80 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 9.6 倍 粗算,约 48%(1 − 5/PE)。中等。"]], "价格行为": "近一年 35%,最大回撤 -27%,年化波动 36%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 -1% / 8% / -1%。", "行业对照": ["同申万二级「纺织制造」33 家中位:PE 23.1 / 股息率 1.3% / 毛利率 16.9% / 固定资产占比 30% / 分红率 46%。", "健盛集团:PE 比行业中位低 13.5倍;股息率 比行业中位高 3.8个百分点;毛利率 比行业中位高 9.9个百分点;固定资产占比 比行业中位高 7.4个百分点。"]}}