{"F": {"ts_code": "300576.SZ", "name": "容大感光", "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": "20161220", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.53, "pe_ttm": 122.3542, "pb": 6.3873, "dv_ttm": 0.2308, "total_mv": 1111354.1652, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.3, 27.8, 28.5, 36.0, 37.1, 36.9], "rev_series": [5.4, 7.9, 7.4, 8.0, 9.5, 10.7], "np_series": [0.6, 0.4, 0.5, 0.9, 1.2, 1.2], "roe_series": [11.7, 7.2, 7.7, 8.5, 9.4, 7.7], "period": "20260630", "rev_ttm": 11.3, "np_ttm": 0.9, "ocf_ttm": 1.5, "fcf_ttm": -0.2, "fcf_yield": -0.2, "ocf_yield": 1.3, "gm_median": 36.0, "gm_std": 4.2, "gm_stab": 0.88, "gm_chg_2022": -1.8, "npm_median": 10.6, "roe_median": 7.7, "commodity": false, "hard_ratio": 31.2, "fix_assets": 6.7, "goodwill_ratio": 6.0, "pb_calc": 6.39, "capex_dep": 3.74, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 18.8, "debt_mv": 0.1, "payout": 21.6, "div_years": 5, "rev_cagr3": 13.3, "np_cagr3": 30.9, "rev_yoy": 13.0, "np_yoy": -39.6, "np_vol": 33.1, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 35.0], ["PCB光刻胶", 30.0], ["PCB 油墨", 30.0], ["合计特别调整", 6.0]], "ret_prev_year": 2.6, "ret_prev2_year": 38.6, "ret_ytd": -21.3, "ret_pivot": 22.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.9, "ret_60": -39.1, "ret_120": -19.7, "ret_250": -24.6, "mdd_250": -55.2, "vol_250": 59.4, "pos_52w": 51.1}, "S": {"duration": 95, "pricing": 55, "hard": 50, "bondness": 16}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 122.4 倍、股息率 0.2%、毛利率近 5 年中位 36.0%、固定资产占比 31%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 31%、毛利率 36.0% 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": "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 -0.2%(经营现金流/市值 1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.0%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -1.8 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 31%,资本开支/折旧 3.74 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 122.4 倍 粗算,约 96%(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 -25%,最大回撤 -55%,年化波动 59%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 -14% / -39% / -20%。", "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%。", "容大感光:PE 比行业中位高 28.5倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 6.1个百分点;固定资产占比 比行业中位低 1.7个百分点。"]}}