{"F": {"ts_code": "002333.SZ", "name": "罗普斯金", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "装修建材", "sw3": "其他建材", "ind": "装修建材", "fin_source": "tushare", "market": "主板", "list_date": "20100112", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.46, "pe_ttm": 87.7406, "pb": 1.9048, "dv_ttm": 0.1832, "total_mv": 368508.9408, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.2, 13.0, 10.3, 14.1, 13.2, 14.7], "rev_series": [8.4, 14.4, 13.8, 16.4, 16.7, 15.5], "np_series": [0.3, 0.3, -0.5, 0.5, 0.5, 0.5], "roe_series": [2.1, 2.2, -2.8, 2.9, 2.7, 2.8], "period": "20260630", "rev_ttm": 14.6, "np_ttm": 0.4, "ocf_ttm": 0.1, "fcf_ttm": -0.3, "fcf_yield": -0.9, "ocf_yield": 0.2, "gm_median": 13.2, "gm_std": 1.5, "gm_stab": 0.88, "gm_chg_2022": -1.9, "npm_median": 3.2, "roe_median": 2.7, "commodity": false, "hard_ratio": 20.1, "fix_assets": 6.3, "goodwill_ratio": 7.1, "pb_calc": 1.9, "capex_dep": 0.61, "interest_debt": 4.5, "debt_ebitda": 3.2, "debt_ratio": 36.9, "debt_mv": 12.1, "payout": 13.2, "div_years": 3, "rev_cagr3": 3.9, "np_cagr3": null, "rev_yoy": -11.2, "np_yoy": -36.1, "np_vol": 144.1, "loss_years": 1, "far_share": 94.0, "earn_yield": 1.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["建筑型材", 29.0], ["智能工程施工", 15.0], ["太阳能边框", 14.0], ["光伏铝合金边框", 14.0]], "ret_prev_year": 9.4, "ret_prev2_year": -20.8, "ret_ytd": -2.7, "ret_pivot": 11.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.0, "ret_60": 13.3, "ret_120": -5.7, "ret_250": 0.6, "mdd_250": -32.0, "vol_250": 41.9, "pos_52w": 80.8}, "S": {"duration": 89, "pricing": 43, "hard": 32, "bondness": 31}, "label": "中性", "tags": [], "text": {"像什么": ["PE 87.7 倍、股息率 0.2%、毛利率近 5 年中位 13.2%、固定资产占比 20%、有息负债/EBITDA 3.2 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 20%,毛利率近 5 年中位 13.2%。", "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 -0.9%(经营现金流/市值 0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.2%,稳定度 88%,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 20%,资本开支/折旧 0.61 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 87.7 倍 粗算,约 94%(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 1%,最大回撤 -32%,年化波动 42%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 0% / 13% / -6%。", "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%。", "罗普斯金:PE 比行业中位高 51.6倍;股息率 比行业中位低 1.4个百分点;毛利率 比行业中位低 7.5个百分点;固定资产占比 比行业中位低 0.7个百分点。"]}}