{"F": {"ts_code": "603958.SH", "name": "哈森股份", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "服装家纺", "sw3": "鞋帽及其他", "ind": "服装家纺", "fin_source": "tushare", "market": "主板", "list_date": "20160629", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 20.71, "pe_ttm": null, "pb": 6.9039, "dv_ttm": null, "total_mv": 454294.56, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.9, 53.8, 49.0, 55.0, 51.1, 34.6], "rev_series": [8.9, 9.9, 7.7, 8.1, 8.2, 14.6], "np_series": [-0.4, -0.2, -1.6, -0.1, -1.0, -0.5], "roe_series": [-4.4, -2.1, -17.7, -0.7, -12.8, -7.4], "period": "20260630", "rev_ttm": 15.5, "np_ttm": -0.2, "ocf_ttm": 1.7, "fcf_ttm": 0.6, "fcf_yield": 1.4, "ocf_yield": 3.7, "gm_median": 51.1, "gm_std": 7.4, "gm_stab": 0.86, "gm_chg_2022": -5.9, "npm_median": -2.9, "roe_median": -7.4, "commodity": false, "hard_ratio": 12.3, "fix_assets": 2.2, "goodwill_ratio": 13.3, "pb_calc": 6.9, "capex_dep": 3.02, "interest_debt": 4.7, "debt_ebitda": 4.0, "debt_ratio": 53.3, "debt_mv": 10.2, "payout": null, "div_years": 0, "rev_cagr3": 24.0, "np_cagr3": null, "rev_yoy": 12.9, "np_yoy": 1569.4, "np_vol": 697.9, "loss_years": 5, "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", 34.0], ["鞋,包等", 14.0], ["箱包、鞋类", 14.0], ["金属结构件", 14.0]], "ret_prev_year": -25.2, "ret_prev2_year": 96.1, "ret_ytd": 55.7, "ret_pivot": 105.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 40.1, "ret_60": 8.7, "ret_120": 3.0, "ret_250": 14.7, "mdd_250": -52.8, "vol_250": 59.8, "pos_52w": 76.4}, "S": {"duration": 100, "pricing": 59, "hard": 20, "bondness": 12}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 53%,有息负债 5 亿,经营现金流/市值 3.7%: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 51.1%),硬资产占比 12%。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 1.4%(经营现金流/市值 3.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 51.1%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -5.9 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 12%,资本开支/折旧 3.02 倍。没有资产可言。"], ["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 15%,最大回撤 -53%,年化波动 60%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 40% / 9% / 3%。", "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%。", "哈森股份:PE ;股息率 ;毛利率 比行业中位高 9.6个百分点;固定资产占比 比行业中位低 1.8个百分点。"]}}