{"F": {"ts_code": "003011.SZ", "name": "海象新材", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "家居用品", "sw3": "瓷砖地板", "ind": "家居用品", "fin_source": "tushare", "market": "主板", "list_date": "20200930", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 20.37, "pe_ttm": 29.1089, "pb": 1.5072, "dv_ttm": 2.9179, "total_mv": 209151.012, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.7, 16.7, 22.0, 24.4, 31.2, 29.2], "rev_series": [12.2, 18.0, 18.9, 16.0, 13.7, 12.1], "np_series": [1.9, 1.0, 2.1, 0.5, 0.5, 1.0], "roe_series": [23.1, 7.8, 15.6, 3.2, 3.5, 7.0], "period": "20260630", "rev_ttm": 11.7, "np_ttm": 0.7, "ocf_ttm": 2.4, "fcf_ttm": 1.8, "fcf_yield": 8.4, "ocf_yield": 11.3, "gm_median": 24.4, "gm_std": 5.2, "gm_stab": 0.79, "gm_chg_2022": -7.7, "npm_median": 5.4, "roe_median": 7.0, "commodity": false, "hard_ratio": 42.4, "fix_assets": 8.1, "goodwill_ratio": 0.0, "pb_calc": 1.51, "capex_dep": 0.73, "interest_debt": 2.5, "debt_ebitda": 1.1, "debt_ratio": 27.2, "debt_mv": 12.1, "payout": 61.2, "div_years": 5, "rev_cagr3": -14.0, "np_cagr3": -22.4, "rev_yoy": -5.5, "np_yoy": -42.5, "np_vol": 78.2, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["SPC地板", 20.0], ["SPC产品", 20.0], ["LVT地板", 6.0]], "ret_prev_year": 52.0, "ret_prev2_year": -27.5, "ret_ytd": -6.3, "ret_pivot": 84.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.5, "ret_60": 5.8, "ret_120": -21.5, "ret_250": -3.0, "mdd_250": -41.2, "vol_250": 47.7, "pos_52w": 72.8}, "S": {"duration": 52, "pricing": 44, "hard": 68, "bondness": 62}, "label": "中性", "tags": [], "text": {"像什么": ["PE 29.1 倍、股息率 2.9%、毛利率近 5 年中位 24.4%、固定资产占比 42%、有息负债/EBITDA 1.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 42%),没有定价权:毛利率近 5 年中位 24.4%,稳定度 79%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 8.4%(经营现金流/市值 11.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.4%,稳定度 79%,2020→2022 成本通胀期毛利率变化 -7.7 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 42%,资本开支/折旧 0.73 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.1 倍 粗算,约 83%(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 -3%,最大回撤 -41%,年化波动 48%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 4% / 6% / -22%。", "行业对照": ["同申万二级「家居用品」77 家中位:PE 28.3 / 股息率 1.7% / 毛利率 28.3% / 固定资产占比 32% / 分红率 50%。", "海象新材:PE 比行业中位高 0.8倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位低 3.9个百分点;固定资产占比 比行业中位高 10.8个百分点。"]}}