{"F": {"ts_code": "300343.SZ", "name": "联创股份", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "氟化工", "ind": "化学制品", "fin_source": "tushare", "market": "创业板", "list_date": "20120801", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.61, "pe_ttm": 107.5604, "pb": 3.0264, "dv_ttm": null, "total_mv": 599358.3189, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [7.0, 39.5, 59.4, 16.0, 10.8, 13.6], "rev_series": [17.4, 18.4, 20.6, 10.4, 8.7, 10.0], "np_series": [-0.9, 2.9, 6.5, 0.1, 0.2, 0.4], "roe_series": [-18.6, 25.5, 41.9, 0.6, 1.1, 2.0], "period": "20260630", "rev_ttm": 11.7, "np_ttm": 0.6, "ocf_ttm": 0.1, "fcf_ttm": -0.3, "fcf_yield": -0.5, "ocf_yield": 0.2, "gm_median": 16.0, "gm_std": 18.8, "gm_stab": -0.18, "gm_chg_2022": 52.5, "npm_median": 3.5, "roe_median": 2.0, "commodity": false, "hard_ratio": 27.9, "fix_assets": 7.6, "goodwill_ratio": 4.9, "pb_calc": 3.03, "capex_dep": 0.57, "interest_debt": 0.9, "debt_ebitda": 0.9, "debt_ratio": 23.6, "debt_mv": 1.4, "payout": null, "div_years": 0, "rev_cagr3": -21.5, "np_cagr3": -60.8, "rev_yoy": 38.8, "np_yoy": 142.4, "np_vol": 117.4, "loss_years": 0, "far_share": 95.0, "earn_yield": 0.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["含氟新材料产品", 37.0], ["含氟新材料", 37.0], ["聚氨酯新材料产品", 13.0], ["聚氨酯", 13.0]], "ret_prev_year": 4.5, "ret_prev2_year": -12.6, "ret_ytd": -7.0, "ret_pivot": 40.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.2, "ret_60": -13.3, "ret_120": -16.9, "ret_250": 0.0, "mdd_250": -27.6, "vol_250": 46.5, "pos_52w": 77.0}, "S": {"duration": 93, "pricing": 19, "hard": 45, "bondness": 23}, "label": "中性", "tags": [], "text": {"像什么": ["PE 107.6 倍、股息率 —、毛利率近 5 年中位 16.0%、固定资产占比 28%、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 28%,毛利率近 5 年中位 16.0%。", "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 -0.5%(经营现金流/市值 0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.0%,稳定度 -18%,2020→2022 成本通胀期毛利率变化 52.5 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 28%,资本开支/折旧 0.57 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 107.6 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 0%,最大回撤 -28%,年化波动 46%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -8% / -13% / -17%。", "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%。", "联创股份:PE 比行业中位高 71.7倍;股息率 ;毛利率 比行业中位低 6.3个百分点;固定资产占比 比行业中位低 6.6个百分点。"]}}