{"F": {"ts_code": "300321.SZ", "name": "同大股份", "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": "20120523", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 31.62, "pe_ttm": 388.4679, "pb": 4.4221, "dv_ttm": 0.1202, "total_mv": 280785.6, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.1, 11.5, 9.7, 7.5, 14.0, 15.0], "rev_series": [4.1, 5.2, 4.6, 3.3, 3.7, 4.0], "np_series": [0.2, 0.0, 0.1, -0.1, 0.1, 0.1], "roe_series": [3.2, 0.5, 1.8, -1.3, 1.3, 1.8], "period": "20260630", "rev_ttm": 3.7, "np_ttm": 0.1, "ocf_ttm": 0.5, "fcf_ttm": 0.4, "fcf_yield": 1.6, "ocf_yield": 1.6, "gm_median": 11.5, "gm_std": 2.7, "gm_stab": 0.76, "gm_chg_2022": -7.4, "npm_median": 2.2, "roe_median": 1.3, "commodity": false, "hard_ratio": 18.1, "fix_assets": 1.3, "goodwill_ratio": 0.0, "pb_calc": 4.42, "capex_dep": 0.12, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 8.1, "debt_mv": null, "payout": 37.8, "div_years": 4, "rev_cagr3": -5.0, "np_cagr3": -0.5, "rev_yoy": -14.0, "np_yoy": -47.6, "np_vol": 164.0, "loss_years": 1, "far_share": 99.0, "earn_yield": 0.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["超纤光面革", 45.0], ["超纤绒面革", 25.0], ["超纤基布", 25.0], ["其他业务", 5.0]], "ret_prev_year": 120.9, "ret_prev2_year": 6.3, "ret_ytd": -30.1, "ret_pivot": 130.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.0, "ret_60": -22.8, "ret_120": -14.5, "ret_250": -9.4, "mdd_250": -57.5, "vol_250": 70.6, "pos_52w": 49.1}, "S": {"duration": 100, "pricing": 36, "hard": 29, "bondness": 37}, "label": "中性", "tags": [], "text": {"像什么": ["PE 388.5 倍、股息率 0.1%、毛利率近 5 年中位 11.5%、固定资产占比 18%、资产负债率 8%: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 18%,毛利率近 5 年中位 11.5%。", "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 1.6%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.5%,稳定度 76%,2020→2022 成本通胀期毛利率变化 -7.4 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 18%,资本开支/折旧 0.12 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 388.5 倍 粗算,约 99%(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 -9%,最大回撤 -58%,年化波动 71%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -8% / -23% / -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%。", "同大股份:PE 比行业中位高 352.6倍;股息率 比行业中位低 1.0个百分点;毛利率 比行业中位低 10.8个百分点;固定资产占比 比行业中位低 16.4个百分点。"]}}