{"F": {"ts_code": "002271.SZ", "name": "东方雨虹", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "装修建材", "sw3": "防水材料", "ind": "装修建材", "fin_source": "tushare", "market": "主板", "list_date": "20080910", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.0, "pe_ttm": 161.9782, "pb": 1.2794, "dv_ttm": null, "total_mv": 2627569.89, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.0, 30.5, 25.8, 27.7, 25.8, 24.8], "rev_series": [217.3, 319.3, 312.1, 328.2, 280.6, 275.8], "np_series": [33.9, 42.0, 21.2, 22.7, 1.1, 1.1], "roe_series": [27.8, 20.6, 8.0, 8.2, 0.4, 0.5], "period": "20260630", "rev_ttm": 288.8, "np_ttm": 1.6, "ocf_ttm": 36.1, "fcf_ttm": 27.6, "fcf_yield": 10.5, "ocf_yield": 13.7, "gm_median": 25.8, "gm_std": 2.0, "gm_stab": 0.92, "gm_chg_2022": -11.3, "npm_median": 6.8, "roe_median": 8.0, "commodity": false, "hard_ratio": 27.8, "fix_assets": 120.2, "goodwill_ratio": 2.5, "pb_calc": 1.28, "capex_dep": 0.82, "interest_debt": 90.5, "debt_ebitda": 3.4, "debt_ratio": 51.8, "debt_mv": 34.4, "payout": 1850.0, "div_years": 5, "rev_cagr3": -4.0, "np_cagr3": -62.3, "rev_yoy": 9.6, "np_yoy": 8.7, "np_vol": 44.3, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.6, "consensus_n": 22, "fwd_pe": 15.4, "fwd_pe2": 11.0, "fwd_g1": 950.0, "fwd_g2": 40.0, "peg": 0.39, "consensus_disp": null, "mainbz": [["防水卷材", 29.0], ["防水涂料", 21.0], ["涂料", 21.0], ["砂浆粉料", 10.0]], "ret_prev_year": 22.1, "ret_prev2_year": -31.1, "ret_ytd": -19.1, "ret_pivot": 37.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.3, "ret_60": -9.3, "ret_120": -32.4, "ret_250": -9.7, "mdd_250": -44.1, "vol_250": 43.1, "pos_52w": 58.2}, "S": {"duration": 98, "pricing": 49, "hard": 44, "bondness": 65}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 162.0 倍、股息率 —、毛利率近 5 年中位 25.8%、固定资产占比 28%、有息负债/EBITDA 3.4 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 28%,毛利率近 5 年中位 25.8%。", "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 10.5%(经营现金流/市值 13.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.8%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -11.3 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 28%,资本开支/折旧 0.82 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 162.0 倍 粗算,约 97%(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 -10%,最大回撤 -44%,年化波动 43%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -5% / -9% / -32%。", "行业对照": ["同申万二级「装修建材」39 家中位:PE 36.1 / 股息率 1.6% / 毛利率 20.7% / 固定资产占比 21% / 分红率 51%。", "东方雨虹:PE 比行业中位高 125.9倍;股息率 ;毛利率 比行业中位高 5.1个百分点;固定资产占比 比行业中位高 7.0个百分点。"]}}