{"F": {"ts_code": "920262.BJ", "name": "太湖雪", "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": "北交所", "list_date": "20221230", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.47, "pe_ttm": 27.4544, "pb": 3.3815, "dv_ttm": 0.5387, "total_mv": 128303.573, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.9, 41.1, 41.7, 37.9, 40.4, 43.2], "rev_series": [3.1, 3.7, 3.4, 5.3, 5.2, 6.0], "np_series": [0.2, 0.4, 0.3, 0.3, 0.3, 0.4], "roe_series": [21.5, 24.0, 13.4, 11.3, 8.7, 11.2], "period": "20260630", "rev_ttm": 6.4, "np_ttm": 0.5, "ocf_ttm": 0.7, "fcf_ttm": 0.2, "fcf_yield": 1.7, "ocf_yield": 5.3, "gm_median": 41.1, "gm_std": 1.7, "gm_stab": 0.96, "gm_chg_2022": 1.7, "npm_median": 6.4, "roe_median": 11.3, "commodity": false, "hard_ratio": 9.3, "fix_assets": 0.6, "goodwill_ratio": 0.0, "pb_calc": 3.38, "capex_dep": 14.7, "interest_debt": 1.0, "debt_ebitda": 1.3, "debt_ratio": 37.1, "debt_mv": 7.6, "payout": 46.2, "div_years": 4, "rev_cagr3": 20.8, "np_cagr3": 7.0, "rev_yoy": 15.7, "np_yoy": 42.5, "np_vol": 26.8, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 4, "fwd_pe": 23.2, "fwd_pe2": 18.1, "fwd_g1": 18.0, "fwd_g2": 28.0, "peg": 0.83, "consensus_disp": null, "mainbz": [["蚕丝被", 52.0], ["床品套件", 24.0], ["丝绸饰品", 15.0], ["丝绸服饰", 4.0]], "ret_prev_year": 29.2, "ret_prev2_year": 55.2, "ret_ytd": -23.5, "ret_pivot": 180.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 50, "pricing": 63, "hard": 15, "bondness": 23}, "label": "成长兑现", "tags": ["资本开支扩张期"], "text": {"像什么": ["盈利在追估值:最新净利润同比 42%,PE TTM 27.5 倍 但前瞻 PE 23.2 倍,PEG 0.83。", "自由现金流 0.2 亿(正),次年预期增速 28%(4 篇研报),风险在增速假设能否延续。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 41.1%),硬资产占比 9%。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": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "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 5.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 41.1%,稳定度 96%,2020→2022 成本通胀期毛利率变化 1.7 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 9%,资本开支/折旧 14.70 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 27.5 倍 粗算,约 82%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "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%。", "太湖雪:PE 比行业中位低 10.1倍;股息率 比行业中位低 1.9个百分点;毛利率 比行业中位低 0.4个百分点;固定资产占比 比行业中位低 4.8个百分点。"]}}