{"F": {"ts_code": "000565.SZ", "name": "渝三峡A", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "涂料油墨", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "19940408", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.33, "pe_ttm": 202.5452, "pb": 2.1386, "dv_ttm": 0.237, "total_mv": 274463.8626, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.7, 27.8, 23.4, 25.7, 22.6, 25.8], "rev_series": [4.3, 4.9, 4.7, 5.0, 3.5, 3.9], "np_series": [0.6, 0.7, 0.5, -0.3, 0.0, 0.1], "roe_series": [4.7, 5.8, 4.1, -2.7, 0.4, 0.6], "period": "20260630", "rev_ttm": 4.2, "np_ttm": 0.1, "ocf_ttm": -0.4, "fcf_ttm": -0.8, "fcf_yield": -3.0, "ocf_yield": -1.5, "gm_median": 25.7, "gm_std": 1.8, "gm_stab": 0.93, "gm_chg_2022": -10.3, "npm_median": 2.4, "roe_median": 0.6, "commodity": false, "hard_ratio": 16.9, "fix_assets": 2.9, "goodwill_ratio": 1.2, "pb_calc": 2.14, "capex_dep": 2.05, "interest_debt": 2.3, "debt_ebitda": null, "debt_ratio": 21.9, "debt_mv": 8.3, "payout": 112.5, "div_years": 5, "rev_cagr3": -5.6, "np_cagr3": -46.3, "rev_yoy": 13.8, "np_yoy": 28.4, "np_vol": 99.0, "loss_years": 1, "far_share": 98.0, "earn_yield": 0.5, "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], ["涂料产品(含辐射制冷涂料)", 30.0], ["涂料", 30.0], ["辐射降温制冷膜", 3.0]], "ret_prev_year": 35.4, "ret_prev2_year": -14.1, "ret_ytd": -13.1, "ret_pivot": 46.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.6, "ret_60": -1.5, "ret_120": -22.9, "ret_250": -27.9, "mdd_250": -42.1, "vol_250": 39.6, "pos_52w": 69.8}, "S": {"duration": 99, "pricing": 49, "hard": 27, "bondness": 59}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 202.5 倍、股息率 0.2%、毛利率近 5 年中位 25.7%、固定资产占比 17%、资产负债率 22%: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 17%,毛利率近 5 年中位 25.7%。", "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 -3.0%(经营现金流/市值 -1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.7%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -10.3 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 17%,资本开支/折旧 2.05 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 202.5 倍 粗算,约 98%(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 -28%,最大回撤 -42%,年化波动 40%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 9% / -2% / -23%。", "行业对照": ["同申万二级「化学制品」188 家中位:PE 35.9 / 股息率 1.1% / 毛利率 22.3% / 固定资产占比 34% / 分红率 41%。", "渝三峡A:PE 比行业中位高 166.6倍;股息率 比行业中位低 0.9个百分点;毛利率 比行业中位高 3.4个百分点;固定资产占比 比行业中位低 17.6个百分点。"]}}