{"F": {"ts_code": "300522.SZ", "name": "世名科技", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "涂料油墨", "ind": "化学制品", "fin_source": "tushare", "market": "创业板", "list_date": "20160705", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 13.1, "pe_ttm": 630.4154, "pb": 5.4288, "dv_ttm": 0.3053, "total_mv": 422411.465, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.4, 34.3, 26.1, 26.0, 25.0, 23.9], "rev_series": [4.5, 6.7, 6.2, 6.8, 7.0, 7.2], "np_series": [0.9, 0.9, 0.3, 0.2, 0.2, 0.2], "roe_series": [13.5, 12.3, 3.7, 2.3, 2.8, 2.6], "period": "20260630", "rev_ttm": 6.8, "np_ttm": 0.1, "ocf_ttm": 0.1, "fcf_ttm": -1.1, "fcf_yield": -2.7, "ocf_yield": 0.3, "gm_median": 26.0, "gm_std": 3.7, "gm_stab": 0.86, "gm_chg_2022": -15.3, "npm_median": 2.6, "roe_median": 2.8, "commodity": false, "hard_ratio": 35.9, "fix_assets": 4.1, "goodwill_ratio": 0.0, "pb_calc": 5.43, "capex_dep": 2.59, "interest_debt": 2.5, "debt_ebitda": 4.0, "debt_ratio": 30.7, "debt_mv": 6.0, "payout": 63.2, "div_years": 5, "rev_cagr3": 4.9, "np_cagr3": -11.3, "rev_yoy": -9.4, "np_yoy": -90.2, "np_vol": 32.5, "loss_years": 0, "far_share": 99.0, "earn_yield": 0.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["着色剂类", 76.0], ["单体类", 9.0], ["单体", 9.0], ["其他收入", 2.0]], "ret_prev_year": 1.9, "ret_prev2_year": -7.9, "ret_ytd": 4.5, "ret_pivot": 32.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.2, "ret_60": 8.7, "ret_120": 8.4, "ret_250": -8.1, "mdd_250": -57.4, "vol_250": 65.6, "pos_52w": 52.3}, "S": {"duration": 100, "pricing": 47, "hard": 57, "bondness": 51}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 630.4 倍、股息率 0.3%、毛利率近 5 年中位 26.0%、固定资产占比 36%、有息负债/EBITDA 4.0 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 36%),没有定价权:毛利率近 5 年中位 26.0%,稳定度 86%。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 -2.7%(经营现金流/市值 0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.0%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -15.3 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 36%,资本开支/折旧 2.59 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 630.4 倍 粗算,约 99%(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 -8%,最大回撤 -57%,年化波动 66%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -5% / 9% / 8%。", "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%。", "世名科技:PE 比行业中位高 594.5倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位高 3.7个百分点;固定资产占比 比行业中位高 1.4个百分点。"]}}