{"F": {"ts_code": "300337.SZ", "name": "银邦股份", "mkt": "CN", "ccy": "元", "sw1": "有色金属", "sw2": "工业金属", "sw3": "铝", "ind": "工业金属", "fin_source": "tushare", "market": "创业板", "list_date": "20120718", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.87, "pe_ttm": 90.7326, "pb": 4.4974, "dv_ttm": 0.1013, "total_mv": 811263.3442, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.3, 10.9, 9.5, 10.5, 10.3, 9.9], "rev_series": [23.7, 32.0, 39.4, 44.6, 53.5, 63.9], "np_series": [0.2, 0.4, 0.7, 0.6, 0.6, 0.5], "roe_series": [1.1, 2.7, 4.3, 4.0, 3.5, 2.7], "period": "20260630", "rev_ttm": 78.0, "np_ttm": 0.9, "ocf_ttm": -7.5, "fcf_ttm": -8.5, "fcf_yield": -10.5, "ocf_yield": -9.2, "gm_median": 10.3, "gm_std": 0.5, "gm_stab": 0.95, "gm_chg_2022": -2.8, "npm_median": 1.3, "roe_median": 3.5, "commodity": true, "hard_ratio": 29.2, "fix_assets": 22.8, "goodwill_ratio": 0.2, "pb_calc": 4.44, "capex_dep": 0.65, "interest_debt": 49.6, "debt_ebitda": 11.6, "debt_ratio": 76.8, "debt_mv": 61.1, "payout": 17.8, "div_years": 4, "rev_cagr3": 17.5, "np_cagr3": -11.7, "rev_yoy": 49.1, "np_yoy": 95.1, "np_vol": 60.8, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["铝基系列", 32.0], ["铝合金非复合材料", 32.0], ["铝钢系列", 1.0]], "ret_prev_year": 39.6, "ret_prev2_year": 37.9, "ret_ytd": -36.3, "ret_pivot": 28.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.1, "ret_60": -16.2, "ret_120": -24.3, "ret_250": -15.7, "mdd_250": -58.6, "vol_250": 60.6, "pos_52w": 46.7}, "S": {"duration": 90, "pricing": 70, "hard": 47, "bondness": 24}, "label": "中性", "tags": ["商品定价"], "text": {"像什么": ["PE 90.7 倍、股息率 0.1%、毛利率近 5 年中位 10.3%、固定资产占比 29%、有息负债/EBITDA 11.6 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 10.3%),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 -10.5%(经营现金流/市值 -9.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.3%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -2.8 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 29%,资本开支/折旧 0.65 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 90.7 倍 粗算,约 94%(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 -16%,最大回撤 -59%,年化波动 61%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 -4% / -16% / -24%。", "行业对照": ["同申万二级「工业金属」60 家中位:PE 20.5 / 股息率 1.1% / 毛利率 10.8% / 固定资产占比 28% / 分红率 32%。", "银邦股份:PE 比行业中位高 70.2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 0.5个百分点;固定资产占比 比行业中位高 1.7个百分点。"]}}