{"F": {"ts_code": "605155.SH", "name": "西大门", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "家居用品", "sw3": "其他家居用品", "ind": "家居用品", "fin_source": "tushare", "market": "主板", "list_date": "20201231", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.41, "pe_ttm": 26.7312, "pb": 2.0175, "dv_ttm": 1.3936, "total_mv": 274538.4554, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.4, 37.0, 34.3, 38.7, 41.9, 44.1], "rev_series": [3.5, 4.7, 5.0, 6.4, 8.2, 8.8], "np_series": [0.8, 0.9, 0.8, 0.9, 1.2, 1.1], "roe_series": [10.3, 8.6, 7.4, 7.8, 9.9, 8.5], "period": "20260630", "rev_ttm": 9.1, "np_ttm": 1.0, "ocf_ttm": 1.6, "fcf_ttm": 1.6, "fcf_yield": 5.8, "ocf_yield": 5.8, "gm_median": 38.7, "gm_std": 3.5, "gm_stab": 0.91, "gm_chg_2022": -6.1, "npm_median": 15.0, "roe_median": 8.5, "commodity": false, "hard_ratio": 25.9, "fix_assets": 3.9, "goodwill_ratio": 0.0, "pb_calc": 2.02, "capex_dep": -0.0, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 8.5, "debt_mv": 0.2, "payout": 33.3, "div_years": 5, "rev_cagr3": 20.9, "np_cagr3": 10.8, "rev_yoy": 5.8, "np_yoy": -16.1, "np_vol": 16.0, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 36.0], ["遮阳成品", 21.0], ["成品窗帘", 21.0], ["遮光面料", 6.0]], "ret_prev_year": 76.9, "ret_prev2_year": -8.2, "ret_ytd": -15.2, "ret_pivot": 87.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.6, "ret_60": 5.2, "ret_120": -17.5, "ret_250": -3.7, "mdd_250": -45.2, "vol_250": 48.4, "pos_52w": 68.0}, "S": {"duration": 49, "pricing": 55, "hard": 41, "bondness": 20}, "label": "中性", "tags": [], "text": {"像什么": ["PE 26.7 倍、股息率 1.4%、毛利率近 5 年中位 38.7%、固定资产占比 26%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 38.7%),硬资产占比 26%。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": "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 5.8%(经营现金流/市值 5.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.7%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -6.1 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 26%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.7 倍 粗算,约 81%(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 -4%,最大回撤 -45%,年化波动 48%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -2% / 5% / -18%。", "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%。", "西大门:PE 比行业中位低 1.6倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 10.4个百分点;固定资产占比 比行业中位低 5.7个百分点。"]}}