{"F": {"ts_code": "300384.SZ", "name": "三联虹普", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "专业工程", "sw3": "化学工程", "ind": "专业工程", "fin_source": "tushare", "market": "创业板", "list_date": "20140801", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.07, "pe_ttm": 24.4337, "pb": 1.371, "dv_ttm": 1.4913, "total_mv": 385041.6904, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.5, 41.3, 37.7, 39.7, 46.2, 46.4], "rev_series": [8.8, 8.4, 10.6, 12.5, 10.7, 8.2], "np_series": [1.7, 1.9, 2.4, 2.9, 3.2, 2.2], "roe_series": [8.7, 9.1, 10.8, 12.0, 12.4, 8.3], "period": "20260630", "rev_ttm": 6.3, "np_ttm": 1.6, "ocf_ttm": 0.5, "fcf_ttm": 0.4, "fcf_yield": 1.0, "ocf_yield": 1.3, "gm_median": 41.3, "gm_std": 3.5, "gm_stab": 0.92, "gm_chg_2022": 0.3, "npm_median": 24.9, "roe_median": 10.8, "commodity": false, "hard_ratio": 7.5, "fix_assets": 2.6, "goodwill_ratio": 7.5, "pb_calc": 1.37, "capex_dep": 0.44, "interest_debt": 0.5, "debt_ebitda": 0.2, "debt_ratio": 16.2, "debt_mv": 1.2, "payout": 50.5, "div_years": 5, "rev_cagr3": -8.1, "np_cagr3": -2.4, "rev_yoy": -39.8, "np_yoy": -46.1, "np_vol": 19.7, "loss_years": 0, "far_share": 80.0, "earn_yield": 4.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["新材料及合成材料工艺解决方案", 34.0], ["再生材料及可降解材料工艺解决方案", 9.0], ["工业AI集成应用解决方案", 4.0]], "ret_prev_year": -11.8, "ret_prev2_year": 23.1, "ret_ytd": -24.9, "ret_pivot": -4.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.3, "ret_60": 4.5, "ret_120": -33.8, "ret_250": -36.6, "mdd_250": -42.8, "vol_250": 33.5, "pos_52w": 62.1}, "S": {"duration": 46, "pricing": 61, "hard": 12, "bondness": 47}, "label": "中性", "tags": [], "text": {"像什么": ["PE 24.4 倍、股息率 1.5%、毛利率近 5 年中位 41.3%、固定资产占比 8%、有息负债/EBITDA 0.2 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 41.3%),硬资产占比 8%。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 1.0%(经营现金流/市值 1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 41.3%,稳定度 92%,2020→2022 成本通胀期毛利率变化 0.3 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 8%,资本开支/折旧 0.44 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.4 倍 粗算,约 80%(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 -37%,最大回撤 -43%,年化波动 34%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -1% / 4% / -34%。", "行业对照": ["同申万二级「专业工程」39 家中位:PE 40.2 / 股息率 1.1% / 毛利率 13.6% / 固定资产占比 10% / 分红率 38%。", "三联虹普:PE 比行业中位低 15.8倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位高 27.7个百分点;固定资产占比 比行业中位低 2.8个百分点。"]}}