{"F": {"ts_code": "300398.SZ", "name": "飞凯材料", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "电子化学品Ⅱ", "sw3": "电子化学品Ⅲ", "ind": "电子化学品Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20141009", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 32.23, "pe_ttm": 41.6878, "pb": 3.5102, "dv_ttm": 0.3561, "total_mv": 1837217.3259, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.5, 39.9, 38.9, 34.5, 35.1, 36.4], "rev_series": [18.6, 26.3, 28.9, 27.3, 29.2, 32.3], "np_series": [2.3, 3.9, 4.3, 1.1, 2.5, 3.9], "roe_series": [8.7, 12.8, 12.7, 3.0, 6.3, 8.7], "period": "20260630", "rev_ttm": 34.9, "np_ttm": 4.4, "ocf_ttm": 9.1, "fcf_ttm": 6.0, "fcf_yield": 3.2, "ocf_yield": 5.0, "gm_median": 36.4, "gm_std": 2.1, "gm_stab": 0.94, "gm_chg_2022": -0.6, "npm_median": 12.6, "roe_median": 8.7, "commodity": false, "hard_ratio": 24.3, "fix_assets": 17.4, "goodwill_ratio": 9.5, "pb_calc": 3.51, "capex_dep": 1.5, "interest_debt": 6.9, "debt_ebitda": 0.8, "debt_ratio": 24.9, "debt_mv": 3.8, "payout": 20.2, "div_years": 5, "rev_cagr3": 3.8, "np_cagr3": -3.5, "rev_yoy": 17.8, "np_yoy": 23.2, "np_vol": 65.0, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 4, "fwd_pe": 34.2, "fwd_pe2": 28.8, "fwd_g1": 22.0, "fwd_g2": 19.0, "peg": 1.8, "consensus_disp": null, "mainbz": [["产品", 40.0], ["显示材料", 19.0], ["屏幕显示材料", 19.0], ["紫外固化材料", 9.0]], "ret_prev_year": 43.4, "ret_prev2_year": 0.7, "ret_ytd": 44.3, "ret_pivot": 205.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.4, "ret_60": -24.7, "ret_120": 15.5, "ret_250": 36.5, "mdd_250": -53.3, "vol_250": 64.5, "pos_52w": 50.2}, "S": {"duration": 65, "pricing": 58, "hard": 39, "bondness": 28}, "label": "中性", "tags": [], "text": {"像什么": ["PE 41.7 倍、股息率 0.4%、毛利率近 5 年中位 36.4%、固定资产占比 24%、有息负债/EBITDA 0.8 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 36.4%),硬资产占比 24%。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 3.2%(经营现金流/市值 5.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.4%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -0.6 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 24%,资本开支/折旧 1.50 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.7 倍 粗算,约 88%(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 36%,最大回撤 -53%,年化波动 64%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -12% / -25% / 16%。", "行业对照": ["同申万二级「电子化学品Ⅱ」36 家中位:PE 93.9 / 股息率 0.4% / 毛利率 29.9% / 固定资产占比 33% / 分红率 44%。", "飞凯材料:PE 比行业中位低 52.2倍;股息率 与行业中位持平;毛利率 比行业中位高 6.5个百分点;固定资产占比 比行业中位低 8.6个百分点。"]}}