{"F": {"ts_code": "000969.SZ", "name": "安泰科技", "mkt": "CN", "ccy": "元", "sw1": "有色金属", "sw2": "金属新材料", "sw3": "其他金属新材料", "ind": "金属新材料", "fin_source": "tushare", "market": "主板", "list_date": "20000529", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 17.01, "pe_ttm": 42.4178, "pb": 3.0596, "dv_ttm": 1.1758, "total_mv": 1786933.4994, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.2, 17.1, 16.4, 17.6, 17.5, 17.2], "rev_series": [49.8, 62.7, 74.1, 81.9, 75.7, 79.3], "np_series": [1.0, 1.7, 2.1, 2.5, 3.7, 3.6], "roe_series": [2.3, 3.7, 4.4, 5.0, 7.0, 6.5], "period": "20260630", "rev_ttm": 93.9, "np_ttm": 4.2, "ocf_ttm": 6.7, "fcf_ttm": 3.2, "fcf_yield": 1.8, "ocf_yield": 3.7, "gm_median": 17.2, "gm_std": 0.4, "gm_stab": 0.97, "gm_chg_2022": -1.9, "npm_median": 4.2, "roe_median": 5.0, "commodity": false, "hard_ratio": 26.2, "fix_assets": 32.2, "goodwill_ratio": 4.8, "pb_calc": 3.06, "capex_dep": 1.2, "interest_debt": 4.2, "debt_ebitda": 0.5, "debt_ratio": 45.9, "debt_mv": 2.3, "payout": 55.4, "div_years": 4, "rev_cagr3": 2.3, "np_cagr3": 20.0, "rev_yoy": 39.3, "np_yoy": 30.1, "np_vol": 24.1, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 3, "fwd_pe": 44.4, "fwd_pe2": 38.4, "fwd_g1": -4.0, "fwd_g2": 16.0, "peg": 2.77, "consensus_disp": null, "mainbz": [["产品", 42.0], ["钢铁粉末及制品", 17.0], ["特种粉末冶金材料及制品", 17.0], ["先进功能材料及器件", 15.0]], "ret_prev_year": 93.6, "ret_prev2_year": 26.3, "ret_ytd": -18.3, "ret_pivot": 122.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.5, "ret_60": -22.8, "ret_120": -24.2, "ret_250": 20.1, "mdd_250": -47.2, "vol_250": 57.2, "pos_52w": 58.5}, "S": {"duration": 65, "pricing": 49, "hard": 42, "bondness": 46}, "label": "中性", "tags": [], "text": {"像什么": ["PE 42.4 倍、股息率 1.2%、毛利率近 5 年中位 17.2%、固定资产占比 26%、有息负债/EBITDA 0.5 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 26%,毛利率近 5 年中位 17.2%。", "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 1.8%(经营现金流/市值 3.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.2%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -1.9 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 26%,资本开支/折旧 1.20 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 42.4 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 20%,最大回撤 -47%,年化波动 57%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -2% / -23% / -24%。", "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%。", "安泰科技:PE 比行业中位低 16.1倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位低 0.6个百分点;固定资产占比 比行业中位高 3.3个百分点。"]}}