{"F": {"ts_code": "603600.SH", "name": "永艺股份", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "家居用品", "sw3": "成品家居", "ind": "家居用品", "fin_source": "tushare", "market": "主板", "list_date": "20150123", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.4, "pe_ttm": 14.4946, "pb": 1.4987, "dv_ttm": 4.4231, "total_mv": 343650.528, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.2, 14.6, 19.3, 22.9, 21.6, 20.4], "rev_series": [34.3, 46.6, 40.6, 35.4, 47.5, 48.8], "np_series": [2.3, 1.8, 3.4, 3.0, 3.0, 2.3], "roe_series": [17.7, 12.8, 20.9, 15.2, 13.5, 10.3], "period": "20260630", "rev_ttm": 52.3, "np_ttm": 2.4, "ocf_ttm": 4.3, "fcf_ttm": 3.3, "fcf_yield": 9.7, "ocf_yield": 12.5, "gm_median": 20.4, "gm_std": 2.8, "gm_stab": 0.86, "gm_chg_2022": 0.2, "npm_median": 6.4, "roe_median": 13.5, "commodity": false, "hard_ratio": 29.4, "fix_assets": 12.6, "goodwill_ratio": 0.1, "pb_calc": 1.5, "capex_dep": 0.83, "interest_debt": 9.0, "debt_ebitda": 2.0, "debt_ratio": 46.3, "debt_mv": 26.3, "payout": 51.7, "div_years": 5, "rev_cagr3": 6.4, "np_cagr3": -11.4, "rev_yoy": 16.0, "np_yoy": 3.3, "np_vol": 40.2, "loss_years": 0, "far_share": 66.0, "earn_yield": 6.9, "consensus_n": 9, "fwd_pe": 10.3, "fwd_pe2": 8.4, "fwd_g1": 40.0, "fwd_g2": 23.0, "peg": 0.45, "consensus_disp": null, "mainbz": [["产品", 50.0], ["办公椅", 32.0], ["沙发", 9.0], ["配件", 3.0]], "ret_prev_year": 4.0, "ret_prev2_year": 14.5, "ret_ytd": -10.1, "ret_pivot": 19.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.1, "ret_60": 8.4, "ret_120": -2.4, "ret_250": -5.8, "mdd_250": -30.6, "vol_250": 29.1, "pos_52w": 81.3}, "S": {"duration": 30, "pricing": 48, "hard": 47, "bondness": 64}, "label": "现金流红利", "tags": ["股息率≥4%", "PEG<0.8"], "text": {"像什么": ["分红率 52%、股息率 4.4%、营收 3 年复合 6.4%、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": "两条都不占:固定资产占比 29%,毛利率近 5 年中位 20.4%。", "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 9.7%(经营现金流/市值 12.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.4%,稳定度 86%,2020→2022 成本通胀期毛利率变化 0.2 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 29%,资本开支/折旧 0.83 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.5 倍 粗算,约 66%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -6%,最大回撤 -31%,年化波动 29%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 9% / 8% / -2%。", "行业对照": ["同申万二级「家居用品」77 家中位:PE 28.3 / 股息率 1.7% / 毛利率 28.3% / 固定资产占比 32% / 分红率 50%。", "永艺股份:PE 比行业中位低 13.8倍;股息率 比行业中位高 2.7个百分点;毛利率 比行业中位低 7.9个百分点;固定资产占比 比行业中位低 2.2个百分点。"]}}