{"F": {"ts_code": "300169.SZ", "name": "天晟新材", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "其他化学制品", "ind": "化学制品", "fin_source": "tushare", "market": "创业板", "list_date": "20110125", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.76, "pe_ttm": 32.0825, "pb": 21.8119, "dv_ttm": null, "total_mv": 195548.7744, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.4, 17.8, 14.2, 16.5, 21.6, 21.8], "rev_series": [8.9, 7.6, 5.8, 5.7, 5.3, 4.5], "np_series": [-2.8, -1.6, -1.9, -1.6, -0.6, 0.1], "roe_series": [-37.3, -30.6, -51.8, -83.6, -71.0, 22.2], "period": "20260630", "rev_ttm": 4.7, "np_ttm": 0.6, "ocf_ttm": -0.1, "fcf_ttm": -0.4, "fcf_yield": -1.8, "ocf_yield": -0.5, "gm_median": 17.8, "gm_std": 2.9, "gm_stab": 0.84, "gm_chg_2022": -4.2, "npm_median": -21.6, "roe_median": -51.8, "commodity": false, "hard_ratio": 27.4, "fix_assets": 1.8, "goodwill_ratio": 0.0, "pb_calc": 21.81, "capex_dep": 1.24, "interest_debt": 3.6, "debt_ebitda": 43.0, "debt_ratio": 87.0, "debt_mv": 18.7, "payout": null, "div_years": 0, "rev_cagr3": -8.5, "np_cagr3": null, "rev_yoy": 7.6, "np_yoy": 109.6, "np_vol": 46.4, "loss_years": 4, "far_share": 84.0, "earn_yield": 3.1, "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], ["功能性应用产品", 28.0], ["硬质发泡材料产品", 12.0], ["软质发泡材料产品", 10.0]], "ret_prev_year": -17.9, "ret_prev2_year": 6.0, "ret_ytd": -7.8, "ret_pivot": 1.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.0, "ret_60": 11.0, "ret_120": -13.8, "ret_250": -31.9, "mdd_250": -49.4, "vol_250": 43.5, "pos_52w": 68.4}, "S": {"duration": 55, "pricing": 43, "hard": 44, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.6 亿,近 5 年亏损 4 年;PE 32 倍(盈利极薄),估值指标失真。", "资产负债率 87%,有息负债 4 亿,经营现金流/市值 -0.5%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 27%,毛利率近 5 年中位 17.8%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -1.8%(经营现金流/市值 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.8%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -4.2 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 27%,资本开支/折旧 1.24 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.1 倍 粗算,约 84%(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 -32%,最大回撤 -49%,年化波动 44%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 4% / 11% / -14%。", "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%。", "天晟新材:PE 比行业中位低 3.8倍;股息率 ;毛利率 比行业中位低 4.5个百分点;固定资产占比 比行业中位低 7.1个百分点。"]}}