{"F": {"ts_code": "300285.SZ", "name": "国瓷材料", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "电子化学品Ⅱ", "sw3": "电子化学品Ⅲ", "ind": "电子化学品Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20120113", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 60.39, "pe_ttm": 93.8798, "pb": 8.2146, "dv_ttm": 0.2461, "total_mv": 6021174.6837, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.3, 45.0, 34.9, 38.7, 39.7, 37.6], "rev_series": [25.4, 31.6, 31.7, 38.6, 40.5, 45.8], "np_series": [5.7, 8.0, 5.0, 5.7, 6.0, 6.1], "roe_series": [13.3, 14.8, 8.6, 9.3, 9.3, 8.8], "period": "20260630", "rev_ttm": 49.4, "np_ttm": 6.4, "ocf_ttm": 9.3, "fcf_ttm": 2.4, "fcf_yield": 0.4, "ocf_yield": 1.5, "gm_median": 38.7, "gm_std": 3.3, "gm_stab": 0.91, "gm_chg_2022": -11.4, "npm_median": 16.5, "roe_median": 9.3, "commodity": false, "hard_ratio": 29.1, "fix_assets": 31.6, "goodwill_ratio": 16.9, "pb_calc": 8.21, "capex_dep": 2.18, "interest_debt": 12.3, "debt_ebitda": 1.1, "debt_ratio": 26.6, "debt_mv": 2.0, "payout": 24.2, "div_years": 5, "rev_cagr3": 13.1, "np_cagr3": 7.1, "rev_yoy": 16.6, "np_yoy": 9.4, "np_vol": 24.7, "loss_years": 0, "far_share": 95.0, "earn_yield": 1.1, "consensus_n": 24, "fwd_pe": 71.7, "fwd_pe2": 56.7, "fwd_g1": 31.0, "fwd_g2": 26.0, "peg": 2.76, "consensus_disp": null, "mainbz": [["数码打印及其他材料板块", 16.0], ["其他主营业务", 16.0], ["生物医疗材料板块", 15.0], ["催化材料板块", 14.0]], "ret_prev_year": 63.3, "ret_prev2_year": -26.4, "ret_ytd": 121.5, "ret_pivot": 330.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -14.7, "ret_60": -3.1, "ret_120": 59.6, "ret_250": 173.6, "mdd_250": -52.7, "vol_250": 84.9, "pos_52w": 57.2}, "S": {"duration": 90, "pricing": 55, "hard": 47, "bondness": 20}, "label": "中性", "tags": ["商誉占比高", "资本开支扩张期"], "text": {"像什么": ["PE 93.9 倍、股息率 0.2%、毛利率近 5 年中位 38.7%、固定资产占比 29%、有息负债/EBITDA 1.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 38.7%),硬资产占比 29%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 0.4%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.7%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -11.4 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 29%,资本开支/折旧 2.18 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 93.9 倍 粗算,约 95%(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 174%,最大回撤 -53%,年化波动 85%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -15% / -3% / 60%。", "行业对照": ["同申万二级「电子化学品Ⅱ」36 家中位:PE 93.9 / 股息率 0.4% / 毛利率 29.9% / 固定资产占比 33% / 分红率 44%。", "国瓷材料:PE 与行业中位持平;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 8.8个百分点;固定资产占比 比行业中位低 3.8个百分点。"]}}