{"F": {"ts_code": "000795.SZ", "name": "英洛华", "mkt": "CN", "ccy": "元", "sw1": "有色金属", "sw2": "金属新材料", "sw3": "磁性材料", "ind": "金属新材料", "fin_source": "tushare", "market": "主板", "list_date": "19970808", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.47, "pe_ttm": 40.2458, "pb": 3.5794, "dv_ttm": 3.0526, "total_mv": 945464.3429, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.7, 15.6, 18.2, 18.2, 20.7, 20.1], "rev_series": [26.0, 37.6, 47.3, 38.5, 40.1, 38.8], "np_series": [1.0, 1.4, 2.6, 0.9, 2.5, 2.5], "roe_series": [4.4, 5.6, 10.0, 3.3, 9.3, 9.4], "period": "20260630", "rev_ttm": 43.6, "np_ttm": 2.3, "ocf_ttm": 1.7, "fcf_ttm": -0.8, "fcf_yield": -0.9, "ocf_yield": 1.8, "gm_median": 18.2, "gm_std": 1.8, "gm_stab": 0.9, "gm_chg_2022": 0.6, "npm_median": 5.1, "roe_median": 9.3, "commodity": false, "hard_ratio": 19.9, "fix_assets": 9.4, "goodwill_ratio": 0.0, "pb_calc": 3.58, "capex_dep": 2.33, "interest_debt": 5.8, "debt_ebitda": 1.4, "debt_ratio": 43.5, "debt_mv": 6.1, "payout": 55.4, "div_years": 4, "rev_cagr3": -6.4, "np_cagr3": -1.1, "rev_yoy": 27.6, "np_yoy": -10.4, "np_vol": 82.3, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 44.0], ["钕铁硼", 22.0], ["电机系列", 10.0], ["电动轮椅及代步车系列", 6.0]], "ret_prev_year": 5.4, "ret_prev2_year": 60.6, "ret_ytd": -14.0, "ret_pivot": 73.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.9, "ret_60": -7.3, "ret_120": -13.1, "ret_250": -31.6, "mdd_250": -32.5, "vol_250": 36.2, "pos_52w": 70.7}, "S": {"duration": 63, "pricing": 49, "hard": 32, "bondness": 62}, "label": "现金流红利", "tags": ["资本开支扩张期"], "text": {"像什么": ["分红率 55%、股息率 3.1%、营收 3 年复合 -6.4%、有息负债/EBITDA 1.4 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 20%,毛利率近 5 年中位 18.2%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "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 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.2%,稳定度 90%,2020→2022 成本通胀期毛利率变化 0.6 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 20%,资本开支/折旧 2.33 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 40.2 倍 粗算,约 88%(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 -32%,最大回撤 -32%,年化波动 36%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 -3% / -7% / -13%。", "行业对照": ["同申万二级「金属新材料」35 家中位:PE 58.5 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 35%。", "英洛华:PE 比行业中位低 18.3倍;股息率 比行业中位高 2.6个百分点;毛利率 比行业中位高 0.4个百分点;固定资产占比 比行业中位低 3.0个百分点。"]}}