{"F": {"ts_code": "002324.SZ", "name": "普利特", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "塑料", "sw3": "改性塑料", "ind": "塑料", "fin_source": "tushare", "market": "主板", "list_date": "20091218", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.01, "pe_ttm": 41.0954, "pb": 2.1559, "dv_ttm": 0.6022, "total_mv": 1002215.0063, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.3, 10.8, 14.2, 16.5, 14.8, 14.0], "rev_series": [44.5, 48.7, 67.6, 87.1, 83.1, 99.0], "np_series": [4.0, 0.2, 2.0, 4.7, 1.4, 3.7], "roe_series": [15.5, 0.9, 7.4, 13.1, 3.3, 8.2], "period": "20260630", "rev_ttm": 114.4, "np_ttm": 2.4, "ocf_ttm": 7.2, "fcf_ttm": -1.2, "fcf_yield": -1.2, "ocf_yield": 7.2, "gm_median": 14.2, "gm_std": 1.8, "gm_stab": 0.87, "gm_chg_2022": -7.2, "npm_median": 3.2, "roe_median": 7.4, "commodity": false, "hard_ratio": 27.5, "fix_assets": 37.1, "goodwill_ratio": 2.4, "pb_calc": 2.16, "capex_dep": 2.47, "interest_debt": 50.3, "debt_ebitda": 6.4, "debt_ratio": 63.6, "debt_mv": 50.2, "payout": 16.4, "div_years": 5, "rev_cagr3": 13.6, "np_cagr3": 22.1, "rev_yoy": 37.6, "np_yoy": -59.6, "np_vol": 305.3, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 2, "fwd_pe": 33.4, "fwd_pe2": 18.8, "fwd_g1": 23.0, "fwd_g2": 78.0, "peg": 0.43, "consensus_disp": null, "mainbz": [["产品", 43.0], ["磷酸铁锂锂离子电池", 16.0], ["通用改性材料类", 14.0], ["改性聚烯烃类", 14.0]], "ret_prev_year": 69.1, "ret_prev2_year": -27.4, "ret_ytd": -43.5, "ret_pivot": 30.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.1, "ret_60": -22.6, "ret_120": -46.4, "ret_250": -35.8, "mdd_250": -65.4, "vol_250": 48.9, "pos_52w": 37.8}, "S": {"duration": 64, "pricing": 41, "hard": 44, "bondness": 31}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 41.1 倍、股息率 0.6%、毛利率近 5 年中位 14.2%、固定资产占比 28%、有息负债/EBITDA 6.4 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 14.2%。", "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 -1.2%(经营现金流/市值 7.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.2%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -7.2 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 28%,资本开支/折旧 2.47 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.1 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 -36%,最大回撤 -65%,年化波动 49%,现价在 52 周高点的 38%;近 20 / 60 / 120 日 -4% / -23% / -46%。", "行业对照": ["同申万二级「塑料」77 家中位:PE 41.1 / 股息率 0.7% / 毛利率 16.9% / 固定资产占比 32% / 分红率 40%。", "普利特:PE 与行业中位持平;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 2.7个百分点;固定资产占比 比行业中位低 4.4个百分点。"]}}