{"F": {"ts_code": "002398.SZ", "name": "垒知集团", "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": "20100506", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.24, "pe_ttm": 63.2899, "pb": 0.7784, "dv_ttm": 1.8868, "total_mv": 291830.3808, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.0, 18.3, 21.6, 24.8, 22.2, 23.0], "rev_series": [38.7, 49.2, 39.5, 30.6, 26.2, 23.7], "np_series": [3.7, 2.7, 2.1, 1.6, 0.5, 0.5], "roe_series": [12.3, 8.2, 6.0, 4.4, 1.3, 1.5], "period": "20260630", "rev_ttm": 22.5, "np_ttm": 0.5, "ocf_ttm": 3.2, "fcf_ttm": 2.5, "fcf_yield": 8.5, "ocf_yield": 10.9, "gm_median": 22.2, "gm_std": 2.1, "gm_stab": 0.9, "gm_chg_2022": -2.4, "npm_median": 5.0, "roe_median": 4.4, "commodity": false, "hard_ratio": 18.1, "fix_assets": 10.4, "goodwill_ratio": 2.2, "pb_calc": 0.76, "capex_dep": 0.75, "interest_debt": 6.7, "debt_ebitda": 4.3, "debt_ratio": 33.1, "debt_mv": 22.9, "payout": 100.0, "div_years": 5, "rev_cagr3": -15.6, "np_cagr3": -36.4, "rev_yoy": -10.3, "np_yoy": -12.2, "np_vol": 25.1, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 35.0], ["外加剂新材料", 27.0], ["产品销售-外加剂新材料", 27.0], ["技术服务", 5.0]], "ret_prev_year": 31.0, "ret_prev2_year": -6.6, "ret_ytd": -23.5, "ret_pivot": 35.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.7, "ret_60": 2.9, "ret_120": -22.6, "ret_250": -21.0, "mdd_250": -46.4, "vol_250": 38.6, "pos_52w": 62.6}, "S": {"duration": 79, "pricing": 48, "hard": 29, "bondness": 79}, "label": "中性", "tags": [], "text": {"像什么": ["PE 63.3 倍、股息率 1.9%、毛利率近 5 年中位 22.2%、固定资产占比 18%、有息负债/EBITDA 4.3 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 22.2%。", "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 8.5%(经营现金流/市值 10.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.2%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -2.4 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 0.75 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 63.3 倍 粗算,约 92%(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 -21%,最大回撤 -46%,年化波动 39%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 4% / 3% / -23%。", "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%。", "垒知集团:PE 比行业中位高 27.2倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 1.5个百分点;固定资产占比 比行业中位低 2.7个百分点。"]}}