{"F": {"ts_code": "002372.SZ", "name": "伟星新材", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "装修建材", "sw3": "管材", "ind": "装修建材", "fin_source": "tushare", "market": "主板", "list_date": "20100318", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.67, "pe_ttm": 16.0544, "pb": 2.9258, "dv_ttm": 5.1246, "total_mv": 1380296.946, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.5, 39.8, 39.8, 44.3, 41.7, 41.0], "rev_series": [51.0, 63.9, 69.5, 63.8, 62.7, 53.8], "np_series": [11.9, 12.2, 13.0, 14.3, 9.5, 7.4], "roe_series": [29.1, 26.5, 25.4, 26.2, 17.8, 14.8], "period": "20260630", "rev_ttm": 52.0, "np_ttm": 8.6, "ocf_ttm": 10.0, "fcf_ttm": 7.9, "fcf_yield": 5.7, "ocf_yield": 7.3, "gm_median": 41.0, "gm_std": 1.7, "gm_stab": 0.96, "gm_chg_2022": -3.7, "npm_median": 18.9, "roe_median": 25.4, "commodity": false, "hard_ratio": 27.3, "fix_assets": 16.9, "goodwill_ratio": 0.0, "pb_calc": 2.93, "capex_dep": 1.27, "interest_debt": 0.2, "debt_ebitda": 0.0, "debt_ratio": 22.8, "debt_mv": 0.1, "payout": 95.7, "div_years": 5, "rev_cagr3": -8.2, "np_cagr3": -17.0, "rev_yoy": -8.7, "np_yoy": 43.9, "np_vol": 17.3, "loss_years": 0, "far_share": 69.0, "earn_yield": 6.2, "consensus_n": 25, "fwd_pe": 17.1, "fwd_pe2": 15.8, "fwd_g1": -6.0, "fwd_g2": 9.0, "peg": 1.9, "consensus_disp": null, "mainbz": [["PPR系列产品", 24.0], ["PPR管材管件", 24.0], ["其他收入", 10.0], ["其他产品", 10.0]], "ret_prev_year": -13.7, "ret_prev2_year": -7.4, "ret_ytd": -14.0, "ret_pivot": -9.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.3, "ret_60": -5.3, "ret_120": -23.7, "ret_250": -18.1, "mdd_250": -38.6, "vol_250": 30.3, "pos_52w": 70.9}, "S": {"duration": 33, "pricing": 59, "hard": 44, "bondness": 83}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 96%、股息率 5.1%、营收 3 年复合 -8.2%、有息负债/EBITDA 0.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 41.0%),硬资产占比 27%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 5.7%(经营现金流/市值 7.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 41.0%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -3.7 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 27%,资本开支/折旧 1.27 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.1 倍 粗算,约 69%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -18%,最大回撤 -39%,年化波动 30%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 0% / -5% / -24%。", "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%。", "伟星新材:PE 比行业中位低 20.0倍;股息率 比行业中位高 3.5个百分点;毛利率 比行业中位高 20.3个百分点;固定资产占比 比行业中位高 6.5个百分点。"]}}