{"F": {"ts_code": "300537.SZ", "name": "广信材料", "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": "20160830", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.41, "pe_ttm": 268.3553, "pb": 4.4218, "dv_ttm": null, "total_mv": 402193.2513, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.6, 27.2, 25.6, 35.8, 38.0, 33.5], "rev_series": [7.5, 6.2, 5.0, 5.1, 5.2, 4.8], "np_series": [-2.1, -4.1, -0.3, 0.1, -0.3, 0.1], "roe_series": [-17.6, -45.7, -4.7, 1.0, -4.2, 1.7], "period": "20260630", "rev_ttm": 5.1, "np_ttm": 0.1, "ocf_ttm": 0.7, "fcf_ttm": 0.5, "fcf_yield": 1.2, "ocf_yield": 1.6, "gm_median": 33.5, "gm_std": 4.8, "gm_stab": 0.86, "gm_chg_2022": -7.0, "npm_median": -5.8, "roe_median": -4.2, "commodity": false, "hard_ratio": 34.8, "fix_assets": 4.2, "goodwill_ratio": 1.8, "pb_calc": 4.42, "capex_dep": 0.47, "interest_debt": 0.2, "debt_ebitda": 0.3, "debt_ratio": 24.3, "debt_mv": 0.6, "payout": null, "div_years": 0, "rev_cagr3": -1.1, "np_cagr3": null, "rev_yoy": 12.8, "np_yoy": 9.6, "np_vol": 265.8, "loss_years": 3, "far_share": 98.0, "earn_yield": 0.4, "consensus_n": 3, "fwd_pe": 79.8, "fwd_pe2": 43.1, "fwd_g1": 236.0, "fwd_g2": 85.0, "peg": 0.94, "consensus_disp": null, "mainbz": [["产品", 33.0], ["光刻胶及配套材料", 23.0], ["PCB光刻胶及配套材料", 23.0], ["涂料", 10.0]], "ret_prev_year": 10.4, "ret_prev2_year": 0.8, "ret_ytd": -11.1, "ret_pivot": 33.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.1, "ret_60": -30.4, "ret_120": -18.5, "ret_250": -33.1, "mdd_250": -52.9, "vol_250": 55.4, "pos_52w": 55.0}, "S": {"duration": 100, "pricing": 51, "hard": 56, "bondness": 21}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.1 亿,近 5 年亏损 3 年;PE 268 倍(盈利极薄),估值指标失真。", "资产负债率 24%,有息负债 0 亿,经营现金流/市值 1.6%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "硬资产占比 35%、毛利率 33.5% 两条都占,但所在行业(电子)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 1.2%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.5%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -7.0 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 35%,资本开支/折旧 0.47 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 268.4 倍 粗算,约 98%(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 -33%,最大回撤 -53%,年化波动 55%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -4% / -30% / -18%。", "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%。", "广信材料:PE 比行业中位高 174.5倍;股息率 ;毛利率 比行业中位高 3.6个百分点;固定资产占比 比行业中位高 1.9个百分点。"]}}