{"F": {"ts_code": "002096.SZ", "name": "易普力", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "民爆制品", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "20061222", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.64, "pe_ttm": 16.8081, "pb": 1.4758, "dv_ttm": 2.6556, "total_mv": 1195784.9312, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.8, 31.9, 27.5, 25.7, 25.7, 24.8], "rev_series": [20.0, 19.3, 23.0, 84.3, 85.5, 98.3], "np_series": [0.2, 0.5, 0.5, 6.3, 7.1, 7.9], "roe_series": [1.0, 2.5, 2.5, 14.3, 9.9, 10.3], "period": "20260630", "rev_ttm": 90.9, "np_ttm": 7.1, "ocf_ttm": 4.5, "fcf_ttm": 1.8, "fcf_yield": 1.5, "ocf_yield": 3.8, "gm_median": 25.7, "gm_std": 2.6, "gm_stab": 0.9, "gm_chg_2022": -4.3, "npm_median": 8.0, "roe_median": 9.9, "commodity": false, "hard_ratio": 17.7, "fix_assets": 22.7, "goodwill_ratio": 8.0, "pb_calc": 1.48, "capex_dep": 1.08, "interest_debt": 5.3, "debt_ebitda": 0.4, "debt_ratio": 31.5, "debt_mv": 4.4, "payout": 40.0, "div_years": 5, "rev_cagr3": 62.2, "np_cagr3": 155.2, "rev_yoy": -15.8, "np_yoy": -19.9, "np_vol": 6.9, "loss_years": 0, "far_share": 70.0, "earn_yield": 5.9, "consensus_n": 7, "fwd_pe": 13.1, "fwd_pe2": 11.6, "fwd_g1": 28.0, "fwd_g2": 13.0, "peg": 1.01, "consensus_disp": null, "mainbz": [["产品", 35.0], ["爆破服务业务", 27.0], ["爆破服务", 27.0], ["工业炸药", 5.0]], "ret_prev_year": 14.7, "ret_prev2_year": 17.8, "ret_ytd": -26.2, "ret_pivot": -9.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.0, "ret_60": 10.8, "ret_120": -30.3, "ret_250": -30.2, "mdd_250": -41.0, "vol_250": 32.5, "pos_52w": 67.3}, "S": {"duration": 34, "pricing": 49, "hard": 28, "bondness": 31}, "label": "中性", "tags": [], "text": {"像什么": ["PE 16.8 倍、股息率 2.7%、毛利率近 5 年中位 25.7%、固定资产占比 18%、有息负债/EBITDA 0.4 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 18%,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 1.5%(经营现金流/市值 3.8%)。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 90%,2020→2022 成本通胀期毛利率变化 -4.3 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 18%,资本开支/折旧 1.08 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.8 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -30%,最大回撤 -41%,年化波动 32%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 1% / 11% / -30%。", "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%。", "易普力:PE 比行业中位低 19.1倍;股息率 比行业中位高 1.6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 16.8个百分点。"]}}