{"F": {"ts_code": "300200.SZ", "name": "高盟新材", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "聚氨酯", "ind": "化学制品", "fin_source": "tushare", "market": "创业板", "list_date": "20110407", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.67, "pe_ttm": 46.9029, "pb": 2.2975, "dv_ttm": 1.6717, "total_mv": 373653.7644, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.5, 27.2, 31.3, 27.8, 27.9, 24.8], "rev_series": [9.6, 11.0, 10.2, 10.4, 11.8, 13.2], "np_series": [2.3, 1.6, 1.4, -3.5, 1.4, 1.0], "roe_series": [13.5, 8.8, 7.5, -19.7, 8.6, 6.5], "period": "20260630", "rev_ttm": 14.2, "np_ttm": 0.8, "ocf_ttm": -0.0, "fcf_ttm": -0.6, "fcf_yield": -1.5, "ocf_yield": -0.1, "gm_median": 27.8, "gm_std": 2.1, "gm_stab": 0.93, "gm_chg_2022": -10.3, "npm_median": 11.3, "roe_median": 7.5, "commodity": false, "hard_ratio": 24.5, "fix_assets": 5.8, "goodwill_ratio": 12.8, "pb_calc": 2.3, "capex_dep": 1.37, "interest_debt": 1.2, "debt_ebitda": 0.9, "debt_ratio": 31.2, "debt_mv": 3.3, "payout": 53.4, "div_years": 4, "rev_cagr3": 9.1, "np_cagr3": -9.6, "rev_yoy": 16.5, "np_yoy": -31.7, "np_vol": 158.4, "loss_years": 1, "far_share": 89.0, "earn_yield": 2.1, "consensus_n": 1, "fwd_pe": 20.6, "fwd_pe2": 17.0, "fwd_g1": 127.0, "fwd_g2": 21.0, "peg": 0.98, "consensus_disp": null, "mainbz": [["胶粘剂及树脂", 62.0], ["隔音降噪减震材料(NVH)", 19.0], ["NVH隔音减振降噪材料", 19.0], ["其他业务", 0.0]], "ret_prev_year": 44.9, "ret_prev2_year": -6.4, "ret_ytd": -25.0, "ret_pivot": 32.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.6, "ret_60": -8.8, "ret_120": -23.0, "ret_250": -20.0, "mdd_250": -49.8, "vol_250": 53.4, "pos_52w": 56.2}, "S": {"duration": 69, "pricing": 50, "hard": 39, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 46.9 倍、股息率 1.7%、毛利率近 5 年中位 27.8%、固定资产占比 24%、有息负债/EBITDA 0.9 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 24%,毛利率近 5 年中位 27.8%。", "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 -1.5%(经营现金流/市值 -0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.8%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -10.3 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 24%,资本开支/折旧 1.37 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 46.9 倍 粗算,约 89%(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 -20%,最大回撤 -50%,年化波动 53%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -1% / -9% / -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%。", "高盟新材:PE 比行业中位高 11.0倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 5.5个百分点;固定资产占比 比行业中位低 10.0个百分点。"]}}