{"F": {"ts_code": "002669.SZ", "name": "康达新材", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "胶黏剂及胶带", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "20120416", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.75, "pe_ttm": 34.63, "pb": 1.3025, "dv_ttm": 0.8157, "total_mv": 356495.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.4, 16.0, 19.9, 21.0, 17.1, 14.1], "rev_series": [19.3, 22.7, 24.7, 27.9, 31.0, 52.4], "np_series": [2.1, 0.2, 0.5, 0.3, -2.5, 1.3], "roe_series": [9.6, 1.0, 1.8, 1.0, -8.6, 4.5], "period": "20260630", "rev_ttm": 57.5, "np_ttm": 1.0, "ocf_ttm": -10.6, "fcf_ttm": -14.0, "fcf_yield": -39.2, "ocf_yield": -29.6, "gm_median": 17.1, "gm_std": 2.5, "gm_stab": 0.85, "gm_chg_2022": -11.5, "npm_median": 1.2, "roe_median": 1.0, "commodity": false, "hard_ratio": 19.6, "fix_assets": 18.6, "goodwill_ratio": 4.5, "pb_calc": 1.3, "capex_dep": 2.17, "interest_debt": 32.8, "debt_ebitda": 8.2, "debt_ratio": 69.0, "debt_mv": 92.0, "payout": 46.7, "div_years": 2, "rev_cagr3": 28.5, "np_cagr3": 37.8, "rev_yoy": 22.5, "np_yoy": -44.0, "np_vol": 389.7, "loss_years": 1, "far_share": 86.0, "earn_yield": 2.9, "consensus_n": 1, "fwd_pe": 27.3, "fwd_pe2": 17.8, "fwd_g1": 27.0, "fwd_g2": 53.0, "peg": 0.52, "consensus_disp": null, "mainbz": [["环氧胶类", 39.0], ["环氧树脂结构胶", 39.0], ["聚氨酯胶类", 3.0], ["聚氨酯胶", 3.0]], "ret_prev_year": 58.4, "ret_prev2_year": -18.9, "ret_ytd": -22.2, "ret_pivot": 52.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.6, "ret_60": -31.8, "ret_120": -23.0, "ret_250": -16.7, "mdd_250": -45.6, "vol_250": 53.6, "pos_52w": 61.4}, "S": {"duration": 58, "pricing": 42, "hard": 31, "bondness": 36}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 34.6 倍、股息率 0.8%、毛利率近 5 年中位 17.1%、固定资产占比 20%、有息负债/EBITDA 8.2 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 17.1%。", "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 -39.2%(经营现金流/市值 -29.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.1%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -11.5 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 2.17 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 34.6 倍 粗算,约 86%(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 -17%,最大回撤 -46%,年化波动 54%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -5% / -32% / -23%。", "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%。", "康达新材:PE 比行业中位低 1.3倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 5.2个百分点;固定资产占比 比行业中位低 14.9个百分点。"]}}