{"F": {"ts_code": "605003.SH", "name": "众望布艺", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "服装家纺", "sw3": "家纺", "ind": "服装家纺", "fin_source": "tushare", "market": "主板", "list_date": "20200908", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 23.23, "pe_ttm": 37.4832, "pb": 1.7836, "dv_ttm": 2.1524, "total_mv": 255530.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.9, 36.8, 35.0, 35.1, 33.5, 29.8], "rev_series": [5.0, 5.9, 4.2, 4.6, 5.5, 5.4], "np_series": [1.4, 1.5, 0.9, 3.1, 0.8, 0.7], "roe_series": [21.2, 14.2, 8.2, 24.8, 5.7, 5.0], "period": "20260630", "rev_ttm": 5.6, "np_ttm": 0.7, "ocf_ttm": 1.1, "fcf_ttm": 0.0, "fcf_yield": 0.1, "ocf_yield": 4.1, "gm_median": 35.0, "gm_std": 2.4, "gm_stab": 0.93, "gm_chg_2022": -6.9, "npm_median": 21.8, "roe_median": 8.2, "commodity": false, "hard_ratio": 47.9, "fix_assets": 7.4, "goodwill_ratio": 0.0, "pb_calc": 1.78, "capex_dep": 2.25, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 7.5, "debt_mv": null, "payout": 56.2, "div_years": 5, "rev_cagr3": 9.1, "np_cagr3": -7.2, "rev_yoy": 8.1, "np_yoy": -12.9, "np_vol": 113.3, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["装饰面料", 98.0], ["其他业务", 1.0], ["其他主营业务", 0.0], ["其他", 0.0]], "ret_prev_year": 94.8, "ret_prev2_year": -2.3, "ret_ytd": -33.7, "ret_pivot": 66.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.7, "ret_60": 3.8, "ret_120": -22.9, "ret_250": -13.0, "mdd_250": -52.0, "vol_250": 52.9, "pos_52w": 63.8}, "S": {"duration": 61, "pricing": 54, "hard": 77, "bondness": 46}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 37.5 倍、股息率 2.2%、毛利率近 5 年中位 35.0%、固定资产占比 48%、资产负债率 8%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 48%、毛利率 35.0% 两条都占,但所在行业(纺织服饰)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.1%(经营现金流/市值 4.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.0%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -6.9 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 48%,资本开支/折旧 2.25 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 37.5 倍 粗算,约 87%(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 -13%,最大回撤 -52%,年化波动 53%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 12% / 4% / -23%。", "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%。", "众望布艺:PE 比行业中位低 0.1倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 6.5个百分点;固定资产占比 比行业中位高 33.8个百分点。"]}}