{"F": {"ts_code": "300487.SZ", "name": "蓝晓科技", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "塑料", "sw3": "合成树脂", "ind": "塑料", "fin_source": "tushare", "market": "创业板", "list_date": "20150702", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 61.23, "pe_ttm": 35.7057, "pb": 6.8116, "dv_ttm": 0.575, "total_mv": 3117469.2776, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.6, 44.6, 44.0, 48.7, 49.5, 51.5], "rev_series": [9.2, 11.9, 19.2, 24.9, 25.5, 27.9], "np_series": [2.0, 3.1, 5.4, 7.2, 7.9, 9.0], "roe_series": [13.9, 16.7, 22.4, 23.3, 21.4, 21.6], "period": "20260630", "rev_ttm": 29.2, "np_ttm": 8.7, "ocf_ttm": 9.4, "fcf_ttm": 8.0, "fcf_yield": 2.6, "ocf_yield": 3.0, "gm_median": 48.7, "gm_std": 2.9, "gm_stab": 0.94, "gm_chg_2022": -2.6, "npm_median": 29.0, "roe_median": 21.6, "commodity": false, "hard_ratio": 17.0, "fix_assets": 11.8, "goodwill_ratio": 0.4, "pb_calc": 6.6, "capex_dep": 1.08, "interest_debt": 5.1, "debt_ebitda": 0.4, "debt_ratio": 31.6, "debt_mv": 1.6, "payout": 39.7, "div_years": 5, "rev_cagr3": 13.2, "np_cagr3": 18.6, "rev_yoy": 10.5, "np_yoy": -5.4, "np_vol": 23.9, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.8, "consensus_n": 16, "fwd_pe": 28.5, "fwd_pe2": 23.0, "fwd_g1": 25.0, "fwd_g2": 24.0, "peg": 1.19, "consensus_disp": null, "mainbz": [["吸附分离材料", 82.0], ["系统装置", 14.0], ["技术服务", 1.0], ["其他主营业务", 1.0]], "ret_prev_year": 31.2, "ret_prev2_year": -8.8, "ret_ytd": -0.6, "ret_pivot": 50.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.9, "ret_60": 17.1, "ret_120": -20.8, "ret_250": 17.6, "mdd_250": -36.2, "vol_250": 57.4, "pos_52w": 75.7}, "S": {"duration": 59, "pricing": 63, "hard": 27, "bondness": 25}, "label": "中性", "tags": [], "text": {"像什么": ["PE 35.7 倍、股息率 0.6%、毛利率近 5 年中位 48.7%、固定资产占比 17%、有息负债/EBITDA 0.4 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 48.7%),硬资产占比 17%。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 2.6%(经营现金流/市值 3.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 48.7%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -2.6 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 17%,资本开支/折旧 1.08 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 35.7 倍 粗算,约 86%(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 18%,最大回撤 -36%,年化波动 57%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 -11% / 17% / -21%。", "行业对照": ["同申万二级「塑料」77 家中位:PE 41.1 / 股息率 0.7% / 毛利率 16.9% / 固定资产占比 32% / 分红率 40%。", "蓝晓科技:PE 比行业中位低 5.4倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 31.8个百分点;固定资产占比 比行业中位低 14.9个百分点。"]}}