{"F": {"ts_code": "002080.SZ", "name": "中材科技", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "玻璃玻纤", "sw3": "玻纤制造", "ind": "玻璃玻纤", "fin_source": "tushare", "market": "主板", "list_date": "20061120", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 47.44, "pe_ttm": 39.2786, "pb": 3.9005, "dv_ttm": 0.9148, "total_mv": 7961018.3584, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.1, 30.0, 25.5, 24.6, 17.0, 18.9], "rev_series": [187.1, 203.0, 221.1, 258.9, 239.8, 302.0], "np_series": [20.5, 33.7, 35.1, 22.2, 8.9, 18.2], "roe_series": [16.5, 24.7, 22.3, 12.4, 4.8, 9.5], "period": "20260630", "rev_ttm": 331.2, "np_ttm": 20.3, "ocf_ttm": 32.2, "fcf_ttm": -8.7, "fcf_yield": -1.1, "ocf_yield": 4.0, "gm_median": 24.6, "gm_std": 4.7, "gm_stab": 0.81, "gm_chg_2022": -1.6, "npm_median": 10.5, "roe_median": 12.4, "commodity": false, "hard_ratio": 53.1, "fix_assets": 367.0, "goodwill_ratio": 0.1, "pb_calc": 3.9, "capex_dep": 1.69, "interest_debt": 188.6, "debt_ebitda": 3.2, "debt_ratio": 58.2, "debt_mv": 23.7, "payout": 42.2, "div_years": 5, "rev_cagr3": 10.9, "np_cagr3": -19.7, "rev_yoy": 21.9, "np_yoy": 20.9, "np_vol": 61.5, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.5, "consensus_n": 8, "fwd_pe": 27.0, "fwd_pe2": 19.9, "fwd_g1": 46.0, "fwd_g2": 36.0, "peg": 0.75, "consensus_disp": null, "mainbz": [["风电叶片", 33.0], ["玻璃纤维及制品", 28.0], ["锂电池隔膜", 13.0], ["技术与装备", 6.0]], "ret_prev_year": 189.1, "ret_prev2_year": -15.5, "ret_ytd": 32.1, "ret_pivot": 436.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -16.1, "ret_60": -25.7, "ret_120": 4.2, "ret_250": 25.8, "mdd_250": -58.7, "vol_250": 77.2, "pos_52w": 48.6}, "S": {"duration": 63, "pricing": 47, "hard": 85, "bondness": 39}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 39.3 倍、股息率 0.9%、毛利率近 5 年中位 24.6%、固定资产占比 53%、有息负债/EBITDA 3.2 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 53%),没有定价权:毛利率近 5 年中位 24.6%,稳定度 81%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -1.1%(经营现金流/市值 4.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.6%,稳定度 81%,2020→2022 成本通胀期毛利率变化 -1.6 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 53%,资本开支/折旧 1.69 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 39.3 倍 粗算,约 87%(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 26%,最大回撤 -59%,年化波动 77%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -16% / -26% / 4%。", "行业对照": ["同申万二级「玻璃玻纤」16 家中位:PE 68.1 / 股息率 0.7% / 毛利率 22.1% / 固定资产占比 53% / 分红率 37%。", "中材科技:PE 比行业中位低 28.8倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 2.5个百分点;固定资产占比 比行业中位低 0.1个百分点。"]}}