{"F": {"ts_code": "300320.SZ", "name": "海达股份", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "橡胶", "sw3": "其他橡胶制品", "ind": "橡胶", "fin_source": "tushare", "market": "创业板", "list_date": "20120601", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.13, "pe_ttm": 19.0728, "pb": 1.8495, "dv_ttm": 0.615, "total_mv": 488803.4046, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.9, 20.9, 16.7, 18.1, 17.6, 18.8], "rev_series": [22.6, 25.2, 26.3, 27.4, 33.1, 36.0], "np_series": [2.0, 1.5, 1.0, 1.4, 1.6, 2.3], "roe_series": [11.0, 7.7, 5.1, 6.4, 7.2, 9.6], "period": "20260630", "rev_ttm": 36.5, "np_ttm": 2.6, "ocf_ttm": 4.1, "fcf_ttm": 3.5, "fcf_yield": 7.1, "ocf_yield": 8.3, "gm_median": 18.1, "gm_std": 1.4, "gm_stab": 0.92, "gm_chg_2022": -8.2, "npm_median": 5.1, "roe_median": 7.2, "commodity": false, "hard_ratio": 20.1, "fix_assets": 7.6, "goodwill_ratio": 3.0, "pb_calc": 1.85, "capex_dep": 0.62, "interest_debt": 1.7, "debt_ebitda": 0.4, "debt_ratio": 29.5, "debt_mv": 3.6, "payout": 12.9, "div_years": 5, "rev_cagr3": 11.0, "np_cagr3": 31.1, "rev_yoy": 3.1, "np_yoy": 22.1, "np_vol": 29.9, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["汽车用产品", 32.0], ["轨道交通用产品", 16.0], ["轻量化铝制品", 14.0], ["轻量化铝产品", 14.0]], "ret_prev_year": -2.4, "ret_prev2_year": 24.3, "ret_ytd": -12.6, "ret_pivot": 1.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.9, "ret_60": 0.6, "ret_120": -26.4, "ret_250": -28.9, "mdd_250": -34.6, "vol_250": 36.6, "pos_52w": 69.4}, "S": {"duration": 38, "pricing": 45, "hard": 32, "bondness": 18}, "label": "中性", "tags": [], "text": {"像什么": ["PE 19.1 倍、股息率 0.6%、毛利率近 5 年中位 18.1%、固定资产占比 20%、有息负债/EBITDA 0.4 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 20%,毛利率近 5 年中位 18.1%。", "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 7.1%(经营现金流/市值 8.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.1%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -8.2 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 20%,资本开支/折旧 0.62 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.1 倍 粗算,约 74%(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 -29%,最大回撤 -35%,年化波动 37%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 -2% / 1% / -26%。", "行业对照": ["同申万二级「橡胶」23 家中位:PE 29.4 / 股息率 1.5% / 毛利率 23.7% / 固定资产占比 27% / 分红率 47%。", "海达股份:PE 比行业中位低 10.3倍;股息率 比行业中位低 0.9个百分点;毛利率 比行业中位低 5.6个百分点;固定资产占比 比行业中位低 6.9个百分点。"]}}