{"F": {"ts_code": "002469.SZ", "name": "三维化学", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "专业工程", "sw3": "化学工程", "ind": "专业工程", "fin_source": "tushare", "market": "主板", "list_date": "20100908", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.32, "pe_ttm": 40.3504, "pb": 1.6022, "dv_ttm": 4.7468, "total_mv": 410081.1632, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.1, 25.8, 19.6, 21.2, 21.6, 16.3], "rev_series": [6.8, 26.3, 26.1, 26.6, 25.5, 26.0], "np_series": [3.7, 3.8, 2.7, 2.8, 2.6, 1.9], "roe_series": [22.0, 16.3, 10.8, 10.6, 9.7, 6.9], "period": "20260630", "rev_ttm": 23.7, "np_ttm": 1.0, "ocf_ttm": -1.3, "fcf_ttm": -1.2, "fcf_yield": -3.0, "ocf_yield": -3.2, "gm_median": 21.2, "gm_std": 3.1, "gm_stab": 0.86, "gm_chg_2022": -12.6, "npm_median": 10.7, "roe_median": 10.6, "commodity": false, "hard_ratio": 14.1, "fix_assets": 4.8, "goodwill_ratio": 0.0, "pb_calc": 1.6, "capex_dep": -0.09, "interest_debt": 0.8, "debt_ebitda": 0.4, "debt_ratio": 22.1, "debt_mv": 1.8, "payout": 100.0, "div_years": 5, "rev_cagr3": -0.2, "np_cagr3": -12.0, "rev_yoy": -17.8, "np_yoy": -70.5, "np_vol": 13.8, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["醛醇酸酯类", 40.0], ["工程总承包", 23.0], ["残液加工类", 17.0], ["醋酸丁酸纤维素类", 8.0]], "ret_prev_year": 21.6, "ret_prev2_year": 32.4, "ret_ytd": -22.5, "ret_pivot": 51.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.9, "ret_60": -8.8, "ret_120": -36.2, "ret_250": -29.1, "mdd_250": -45.9, "vol_250": 38.3, "pos_52w": 63.8}, "S": {"duration": 64, "pricing": 44, "hard": 23, "bondness": 85}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 100%、股息率 4.7%、营收 3 年复合 -0.2%、有息负债/EBITDA 0.4 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 14%,毛利率近 5 年中位 21.2%。", "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 -3.0%(经营现金流/市值 -3.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.2%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -12.6 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 14%,资本开支/折旧 -0.09 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 40.4 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 -29%,最大回撤 -46%,年化波动 38%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 10% / -9% / -36%。", "行业对照": ["同申万二级「专业工程」39 家中位:PE 40.2 / 股息率 1.1% / 毛利率 13.6% / 固定资产占比 10% / 分红率 38%。", "三维化学:PE 比行业中位高 0.2倍;股息率 比行业中位高 3.6个百分点;毛利率 比行业中位高 7.6个百分点;固定资产占比 比行业中位高 3.8个百分点。"]}}