{"F": {"ts_code": "002942.SZ", "name": "新农股份", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "农化制品", "sw3": "农药", "ind": "农化制品", "fin_source": "tushare", "market": "主板", "list_date": "20181205", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 17.97, "pe_ttm": 26.1086, "pb": 2.1823, "dv_ttm": 2.2259, "total_mv": 279398.8179, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.8, 30.6, 25.5, 22.0, 27.6, 30.8], "rev_series": [11.9, 11.6, 12.5, 8.2, 9.6, 11.1], "np_series": [1.8, 1.4, 1.0, -0.3, 0.6, 1.0], "roe_series": [17.6, 12.5, 8.8, -2.2, 5.0, 8.0], "period": "20260630", "rev_ttm": 11.5, "np_ttm": 1.1, "ocf_ttm": 1.6, "fcf_ttm": 1.2, "fcf_yield": 4.3, "ocf_yield": 5.7, "gm_median": 27.6, "gm_std": 3.3, "gm_stab": 0.88, "gm_chg_2022": -5.3, "npm_median": 8.1, "roe_median": 8.0, "commodity": false, "hard_ratio": 26.2, "fix_assets": 4.5, "goodwill_ratio": 0.0, "pb_calc": 2.18, "capex_dep": 0.87, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 26.1, "debt_mv": 0.1, "payout": 71.7, "div_years": 5, "rev_cagr3": -3.9, "np_cagr3": -2.0, "rev_yoy": 7.1, "np_yoy": 12.8, "np_vol": 154.0, "loss_years": 1, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["制剂", 24.0], ["原药及中间体", 23.0], ["其他业务", 2.0]], "ret_prev_year": 40.2, "ret_prev2_year": -28.4, "ret_ytd": -4.5, "ret_pivot": 71.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 18.1, "ret_60": 11.1, "ret_120": -15.6, "ret_250": -4.8, "mdd_250": -48.4, "vol_250": 45.6, "pos_52w": 69.0}, "S": {"duration": 48, "pricing": 48, "hard": 42, "bondness": 58}, "label": "中性", "tags": [], "text": {"像什么": ["PE 26.1 倍、股息率 2.2%、毛利率近 5 年中位 27.6%、固定资产占比 26%、有息负债/EBITDA 0.0 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 26%,毛利率近 5 年中位 27.6%。", "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 4.3%(经营现金流/市值 5.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.6%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -5.3 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 26%,资本开支/折旧 0.87 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.1 倍 粗算,约 81%(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 -5%,最大回撤 -48%,年化波动 46%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 18% / 11% / -16%。", "行业对照": ["同申万二级「农化制品」62 家中位:PE 20.8 / 股息率 2.0% / 毛利率 19.9% / 固定资产占比 36% / 分红率 45%。", "新农股份:PE 比行业中位高 5.3倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 7.7个百分点;固定资产占比 比行业中位低 9.4个百分点。"]}}