{"F": {"ts_code": "002497.SZ", "name": "雅化集团", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "民爆制品", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "20101109", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 17.88, "pe_ttm": 12.0342, "pb": 1.6932, "dv_ttm": 0.3329, "total_mv": 2060781.75, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.9, 35.2, 44.5, 13.5, 16.7, 22.1], "rev_series": [32.5, 52.4, 144.6, 119.0, 77.2, 85.4], "np_series": [3.2, 9.4, 45.4, 0.4, 2.6, 6.3], "roe_series": [8.1, 16.3, 52.6, 0.4, 2.5, 6.0], "period": "20260630", "rev_ttm": 118.3, "np_ttm": 17.1, "ocf_ttm": -6.4, "fcf_ttm": -9.5, "fcf_yield": -4.6, "ocf_yield": -3.1, "gm_median": 22.1, "gm_std": 11.7, "gm_stab": 0.47, "gm_chg_2022": 13.7, "npm_median": 6.4, "roe_median": 6.0, "commodity": false, "hard_ratio": 20.0, "fix_assets": 35.2, "goodwill_ratio": 3.6, "pb_calc": 1.69, "capex_dep": 0.77, "interest_debt": 17.6, "debt_ebitda": 0.6, "debt_ratio": 28.0, "debt_mv": 8.6, "payout": 17.9, "div_years": 5, "rev_cagr3": -16.1, "np_cagr3": -48.2, "rev_yoy": 96.0, "np_yoy": 795.5, "np_vol": 217.5, "loss_years": 0, "far_share": 58.0, "earn_yield": 8.3, "consensus_n": 4, "fwd_pe": 7.8, "fwd_pe2": 6.7, "fwd_g1": 55.0, "fwd_g2": 16.0, "peg": 0.49, "consensus_disp": null, "mainbz": [["产品", 37.0], ["锂盐产品销售", 27.0], ["锂盐产品", 27.0], ["民爆产品及爆破服务", 9.0]], "ret_prev_year": 112.8, "ret_prev2_year": -10.5, "ret_ytd": -27.6, "ret_pivot": 121.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.1, "ret_60": -20.5, "ret_120": -27.1, "ret_250": 25.7, "mdd_250": -47.5, "vol_250": 58.0, "pos_52w": 57.6}, "S": {"duration": 26, "pricing": 39, "hard": 32, "bondness": 30}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 12.0 倍、股息率 0.3%、毛利率近 5 年中位 22.1%、固定资产占比 20%、有息负债/EBITDA 0.6 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 22.1%。", "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 -4.6%(经营现金流/市值 -3.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.1%,稳定度 47%,2020→2022 成本通胀期毛利率变化 13.7 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 20%,资本开支/折旧 0.77 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.0 倍 粗算,约 58%(1 − 5/PE)。中等。"]], "价格行为": "近一年 26%,最大回撤 -48%,年化波动 58%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -3% / -20% / -27%。", "行业对照": ["同申万二级「化学制品」188 家中位:PE 35.9 / 股息率 1.1% / 毛利率 22.3% / 固定资产占比 34% / 分红率 41%。", "雅化集团:PE 比行业中位低 23.9倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位低 0.2个百分点;固定资产占比 比行业中位低 14.5个百分点。"]}}