{"F": {"ts_code": "603839.SH", "name": "安正时尚", "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": "20170214", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.95, "pe_ttm": null, "pb": 1.5583, "dv_ttm": null, "total_mv": 268976.259, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.3, 47.1, 47.1, 50.4, 46.9, 46.0], "rev_series": [35.9, 30.8, 22.6, 21.7, 20.3, 23.5], "np_series": [2.0, 0.7, -3.5, 0.5, -1.2, -1.9], "roe_series": [7.1, 2.6, -15.1, 2.3, -6.3, -10.7], "period": "20260630", "rev_ttm": 24.1, "np_ttm": -1.4, "ocf_ttm": 0.8, "fcf_ttm": 0.5, "fcf_yield": 1.7, "ocf_yield": 2.8, "gm_median": 47.1, "gm_std": 1.5, "gm_stab": 0.97, "gm_chg_2022": 3.8, "npm_median": -6.5, "roe_median": -6.3, "commodity": false, "hard_ratio": 15.9, "fix_assets": 3.7, "goodwill_ratio": 0.0, "pb_calc": 1.56, "capex_dep": 0.87, "interest_debt": 0.8, "debt_ebitda": 0.9, "debt_ratio": 25.7, "debt_mv": 3.1, "payout": 95.8, "div_years": 4, "rev_cagr3": 1.2, "np_cagr3": null, "rev_yoy": 5.5, "np_yoy": 238.9, "np_vol": 257.9, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["服装", 23.0], ["玖姿", 11.0], ["电商服务", 10.0]], "ret_prev_year": 50.7, "ret_prev2_year": -33.0, "ret_ytd": -14.9, "ret_pivot": 63.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.4, "ret_60": 7.8, "ret_120": -9.9, "ret_250": -10.6, "mdd_250": -50.1, "vol_250": 46.8, "pos_52w": 60.6}, "S": {"duration": 100, "pricing": 68, "hard": 25, "bondness": 55}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.4 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 26%,有息负债 1 亿,经营现金流/市值 2.8%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 47.1%),硬资产占比 16%。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": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 1.7%(经营现金流/市值 2.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.1%,稳定度 97%,2020→2022 成本通胀期毛利率变化 3.8 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 16%,资本开支/折旧 0.87 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -11%,最大回撤 -50%,年化波动 47%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 3% / 8% / -10%。", "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%。", "安正时尚:PE ;股息率 ;毛利率 比行业中位高 5.6个百分点;固定资产占比 比行业中位高 1.8个百分点。"]}}