{"F": {"ts_code": "603587.SH", "name": "地素时尚", "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": "20180622", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.99, "pe_ttm": 20.4742, "pb": 1.6801, "dv_ttm": 3.0722, "total_mv": 614040.9372, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [76.6, 76.6, 75.4, 74.5, 74.8, 74.9], "rev_series": [25.6, 29.0, 24.0, 26.5, 22.2, 21.4], "np_series": [6.3, 6.9, 3.8, 4.9, 3.0, 2.6], "roe_series": [18.7, 19.2, 10.4, 13.4, 8.2, 7.1], "period": "20260630", "rev_ttm": 21.7, "np_ttm": 3.0, "ocf_ttm": 5.9, "fcf_ttm": 5.7, "fcf_yield": 9.2, "ocf_yield": 9.6, "gm_median": 74.9, "gm_std": 0.7, "gm_stab": 0.99, "gm_chg_2022": -1.2, "npm_median": 16.0, "roe_median": 10.4, "commodity": false, "hard_ratio": 8.8, "fix_assets": 4.0, "goodwill_ratio": 0.0, "pb_calc": 1.68, "capex_dep": 0.62, "interest_debt": 1.5, "debt_ebitda": 0.3, "debt_ratio": 19.3, "debt_mv": 2.4, "payout": 76.9, "div_years": 5, "rev_cagr3": -3.8, "np_cagr3": -12.2, "rev_yoy": 3.6, "np_yoy": 23.2, "np_vol": 27.7, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.9, "consensus_n": 4, "fwd_pe": 20.5, "fwd_pe2": 18.6, "fwd_g1": -0.0, "fwd_g2": 10.0, "peg": 2.05, "consensus_disp": null, "mainbz": [["产品", 42.0], ["上衣", 15.0], ["外套", 11.0], ["裙类", 9.0]], "ret_prev_year": 10.8, "ret_prev2_year": 2.5, "ret_ytd": 0.2, "ret_pivot": 38.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 14.1, "ret_60": 12.1, "ret_120": 5.1, "ret_250": 0.2, "mdd_250": -19.9, "vol_250": 23.3, "pos_52w": 97.2}, "S": {"duration": 40, "pricing": 79, "hard": 14, "bondness": 66}, "label": "轻资产现金牛", "tags": ["现金流红利"], "text": {"像什么": ["固定资产占比 9%,毛利率近 5 年中位 74.9%,自由现金流/市值 9.2%: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 74.9%),硬资产占比 9%。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 9.2%(经营现金流/市值 9.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 74.9%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -1.2 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 9%,资本开支/折旧 0.62 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.5 倍 粗算,约 76%(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 0%,最大回撤 -20%,年化波动 23%,现价在 52 周高点的 97%;近 20 / 60 / 120 日 14% / 12% / 5%。", "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%。", "地素时尚:PE 比行业中位低 17.1倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 33.4个百分点;固定资产占比 比行业中位低 5.3个百分点。"]}}