{"F": {"ts_code": "300481.SZ", "name": "濮阳惠成", "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": "20150630", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.91, "pe_ttm": 33.0295, "pb": 1.6724, "dv_ttm": 2.8756, "total_mv": 405971.0005, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.2, 29.4, 36.0, 26.1, 21.8, 19.7], "rev_series": [9.1, 13.9, 16.0, 13.8, 14.1, 14.1], "np_series": [1.8, 2.5, 4.2, 2.4, 1.9, 1.3], "roe_series": [19.3, 16.9, 19.6, 9.9, 7.9, 5.4], "period": "20260630", "rev_ttm": 14.5, "np_ttm": 1.2, "ocf_ttm": 1.3, "fcf_ttm": 0.5, "fcf_yield": 1.3, "ocf_yield": 3.3, "gm_median": 26.1, "gm_std": 5.8, "gm_stab": 0.78, "gm_chg_2022": 0.8, "npm_median": 17.0, "roe_median": 9.9, "commodity": false, "hard_ratio": 31.5, "fix_assets": 8.5, "goodwill_ratio": 0.0, "pb_calc": 1.67, "capex_dep": 0.93, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 9.7, "debt_mv": 0.0, "payout": 61.5, "div_years": 5, "rev_cagr3": -4.1, "np_cagr3": -32.2, "rev_yoy": 5.7, "np_yoy": -11.9, "np_vol": 43.4, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["顺酐酸酐衍生物类", 36.0], ["顺酐酸酐衍生物", 36.0], ["功能材料中间体", 10.0], ["功能材料", 10.0]], "ret_prev_year": 7.6, "ret_prev2_year": -12.5, "ret_ytd": -9.1, "ret_pivot": 22.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.3, "ret_60": -18.3, "ret_120": -21.9, "ret_250": -6.8, "mdd_250": -44.8, "vol_250": 51.9, "pos_52w": 61.0}, "S": {"duration": 56, "pricing": 48, "hard": 50, "bondness": 59}, "label": "中性", "tags": [], "text": {"像什么": ["PE 33.0 倍、股息率 2.9%、毛利率近 5 年中位 26.1%、固定资产占比 32%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 32%),没有定价权:毛利率近 5 年中位 26.1%,稳定度 78%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 1.3%(经营现金流/市值 3.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.1%,稳定度 78%,2020→2022 成本通胀期毛利率变化 0.8 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 32%,资本开支/折旧 0.93 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 33.0 倍 粗算,约 85%(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 -7%,最大回撤 -45%,年化波动 52%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -1% / -18% / -22%。", "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%。", "濮阳惠成:PE 比行业中位低 60.9倍;股息率 比行业中位高 2.5个百分点;毛利率 比行业中位低 3.8个百分点;固定资产占比 比行业中位低 1.4个百分点。"]}}