{"F": {"ts_code": "920765.BJ", "name": "美之高", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "家居用品", "sw3": "定制家居", "ind": "家居用品", "fin_source": "tushare", "market": "北交所", "list_date": "20210705", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.38, "pe_ttm": null, "pb": 3.628, "dv_ttm": 0.9693, "total_mv": 107607.0553, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.0, 15.9, 21.1, 25.6, 24.2, 26.5], "rev_series": [6.3, 5.0, 5.0, 4.3, 5.4, 5.2], "np_series": [0.6, 0.1, 0.3, 0.2, 0.2, -0.1], "roe_series": [30.5, 3.7, 7.9, 6.2, 5.8, -2.4], "period": "20260630", "rev_ttm": 5.9, "np_ttm": -0.0, "ocf_ttm": -0.1, "fcf_ttm": -0.1, "fcf_yield": -0.9, "ocf_yield": -0.5, "gm_median": 24.2, "gm_std": 3.9, "gm_stab": 0.84, "gm_chg_2022": -5.9, "npm_median": 3.5, "roe_median": 5.8, "commodity": false, "hard_ratio": 7.5, "fix_assets": 0.3, "goodwill_ratio": 0.0, "pb_calc": 3.63, "capex_dep": 0.47, "interest_debt": 0.3, "debt_ebitda": 2.4, "debt_ratio": 25.2, "debt_mv": 2.5, "payout": 100.0, "div_years": 5, "rev_cagr3": 1.2, "np_cagr3": null, "rev_yoy": 27.7, "np_yoy": 203.4, "np_vol": 99.9, "loss_years": 1, "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", 43.0], ["家用类", 30.0], ["其他类", 8.0], ["其他主营业务", 8.0]], "ret_prev_year": -20.6, "ret_prev2_year": 286.7, "ret_ytd": -39.8, "ret_pivot": 173.0, "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": 100, "pricing": 45, "hard": 12, "bondness": 67}, "label": "中性", "tags": [], "text": {"像什么": ["PE —、股息率 1.0%、毛利率近 5 年中位 24.2%、固定资产占比 8%、有息负债/EBITDA 2.4 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 8%,毛利率近 5 年中位 24.2%。", "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 -0.9%(经营现金流/市值 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.2%,稳定度 84%,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 8%,资本开支/折旧 0.47 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?"]], "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%。", "美之高:PE ;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位低 4.1个百分点;固定资产占比 比行业中位低 24.1个百分点。"]}}