{"F": {"ts_code": "603833.SH", "name": "欧派家居", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "家居用品", "sw3": "定制家居", "ind": "家居用品", "fin_source": "tushare", "market": "主板", "list_date": "20170328", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 31.3, "pe_ttm": 13.3491, "pb": 1.0523, "dv_ttm": 7.9137, "total_mv": 1895926.136, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.0, 31.6, 31.6, 34.2, 35.9, 36.2], "rev_series": [147.4, 204.4, 224.8, 227.8, 189.2, 172.3], "np_series": [20.6, 26.7, 26.9, 30.4, 26.0, 20.0], "roe_series": [19.2, 20.2, 17.4, 17.5, 14.0, 10.6], "period": "20260630", "rev_ttm": 149.4, "np_ttm": 14.2, "ocf_ttm": 18.2, "fcf_ttm": 13.1, "fcf_yield": 6.9, "ocf_yield": 9.6, "gm_median": 34.2, "gm_std": 2.0, "gm_stab": 0.94, "gm_chg_2022": -3.4, "npm_median": 13.0, "roe_median": 17.4, "commodity": false, "hard_ratio": 24.4, "fix_assets": 77.9, "goodwill_ratio": 0.0, "pb_calc": 1.03, "capex_dep": 0.54, "interest_debt": 70.1, "debt_ebitda": 2.7, "debt_ratio": 42.2, "debt_mv": 37.0, "payout": 57.8, "div_years": 5, "rev_cagr3": -8.5, "np_cagr3": -9.4, "rev_yoy": -27.8, "np_yoy": -56.6, "np_vol": 18.8, "loss_years": 0, "far_share": 63.0, "earn_yield": 7.5, "consensus_n": 16, "fwd_pe": 10.5, "fwd_pe2": 9.6, "fwd_g1": 27.0, "fwd_g2": 9.0, "peg": 1.17, "consensus_disp": null, "mainbz": [["产品", 34.0], ["主营业务", 32.0], ["衣柜及配套家具产品", 16.0], ["橱柜", 10.0]], "ret_prev_year": -22.5, "ret_prev2_year": 3.4, "ret_ytd": -36.9, "ret_pivot": -25.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.0, "ret_60": -6.4, "ret_120": -40.2, "ret_250": -41.5, "mdd_250": -51.0, "vol_250": 32.9, "pos_52w": 51.2}, "S": {"duration": 28, "pricing": 55, "hard": 39, "bondness": 78}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 58%、股息率 7.9%、营收 3 年复合 -8.5%、有息负债/EBITDA 2.7 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 34.2%),硬资产占比 24%。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": "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 6.9%(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 34.2%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -3.4 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 24%,资本开支/折旧 0.54 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.3 倍 粗算,约 63%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -42%,最大回撤 -51%,年化波动 33%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 -1% / -6% / -40%。", "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%。", "欧派家居:PE 比行业中位低 15.0倍;股息率 比行业中位高 6.2个百分点;毛利率 比行业中位高 5.9个百分点;固定资产占比 比行业中位低 7.2个百分点。"]}}