{"F": {"ts_code": "000792.SZ", "name": "盐湖股份", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "农化制品", "sw3": "钾肥", "ind": "农化制品", "fin_source": "tushare", "market": "主板", "list_date": "19970904", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 26.65, "pe_ttm": 11.702, "pb": 2.9532, "dv_ttm": null, "total_mv": 14102040.7125, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.4, 59.6, 79.1, 56.0, 51.9, 57.9], "rev_series": [140.2, 147.8, 307.5, 215.8, 151.3, 155.0], "np_series": [20.4, 44.8, 155.6, 79.1, 46.6, 84.8], "roe_series": [null, 66.6, 90.2, 27.7, 13.6, 20.8], "period": "20260630", "rev_ttm": 217.7, "np_ttm": 121.3, "ocf_ttm": 102.8, "fcf_ttm": 86.5, "fcf_yield": 6.1, "ocf_yield": 7.3, "gm_median": 57.9, "gm_std": 9.5, "gm_stab": 0.84, "gm_chg_2022": 37.7, "npm_median": 43.4, "roe_median": 27.7, "commodity": false, "hard_ratio": 22.1, "fix_assets": 136.3, "goodwill_ratio": 0.0, "pb_calc": 2.95, "capex_dep": 1.64, "interest_debt": 14.8, "debt_ebitda": 0.1, "debt_ratio": 14.1, "debt_mv": 1.0, "payout": null, "div_years": 0, "rev_cagr3": -20.4, "np_cagr3": -18.3, "rev_yoy": 79.9, "np_yoy": 137.9, "np_vol": 110.1, "loss_years": 0, "far_share": 57.0, "earn_yield": 8.5, "consensus_n": 18, "fwd_pe": 12.1, "fwd_pe2": 10.8, "fwd_g1": -3.0, "fwd_g2": 12.0, "peg": 1.01, "consensus_disp": null, "mainbz": [["产品", 49.0], ["钾产品", 27.0], ["锂产品", 21.0], ["其他主营业务", 1.0]], "ret_prev_year": 71.1, "ret_prev2_year": 3.2, "ret_ytd": -5.4, "ret_pivot": 84.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.5, "ret_60": -12.4, "ret_120": -32.7, "ret_250": 36.3, "mdd_250": -39.4, "vol_250": 46.0, "pos_52w": 66.0}, "S": {"duration": 25, "pricing": 70, "hard": 35, "bondness": 20}, "label": "中性", "tags": [], "text": {"像什么": ["PE 11.7 倍、股息率 —、毛利率近 5 年中位 57.9%、固定资产占比 22%、有息负债/EBITDA 0.1 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 22%,毛利率近 5 年中位 57.9%。", "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 6.1%(经营现金流/市值 7.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 57.9%,稳定度 84%,2020→2022 成本通胀期毛利率变化 37.7 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 22%,资本开支/折旧 1.64 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.7 倍 粗算,约 57%(1 − 5/PE)。中等。"]], "价格行为": "近一年 36%,最大回撤 -39%,年化波动 46%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 -8% / -12% / -33%。", "行业对照": ["同申万二级「农化制品」62 家中位:PE 20.8 / 股息率 2.0% / 毛利率 19.9% / 固定资产占比 36% / 分红率 45%。", "盐湖股份:PE 比行业中位低 9.1倍;股息率 ;毛利率 比行业中位高 38.0个百分点;固定资产占比 比行业中位低 13.5个百分点。"]}}