{"F": {"ts_code": "300655.SZ", "name": "晶瑞电材", "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": "20170523", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.05, "pe_ttm": 105.4411, "pb": 5.2057, "dv_ttm": 0.1777, "total_mv": 1357584.9325, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.7, 21.1, 22.4, 23.6, 19.2, 24.9], "rev_series": [10.2, 18.3, 17.5, 13.0, 14.4, 16.1], "np_series": [0.8, 2.0, 1.6, 0.1, -1.8, 1.5], "roe_series": [8.2, 13.8, 9.2, 0.7, -7.5, 5.8], "period": "20260630", "rev_ttm": 17.9, "np_ttm": 1.3, "ocf_ttm": 2.4, "fcf_ttm": 0.7, "fcf_yield": 0.5, "ocf_yield": 1.8, "gm_median": 22.4, "gm_std": 2.0, "gm_stab": 0.91, "gm_chg_2022": 0.7, "npm_median": 9.5, "roe_median": 5.8, "commodity": false, "hard_ratio": 40.1, "fix_assets": 21.3, "goodwill_ratio": 0.5, "pb_calc": 5.02, "capex_dep": 0.76, "interest_debt": 7.3, "debt_ebitda": 1.8, "debt_ratio": 27.2, "debt_mv": 5.4, "payout": 148.0, "div_years": 5, "rev_cagr3": -2.7, "np_cagr3": -2.9, "rev_yoy": 23.6, "np_yoy": -29.5, "np_vol": 557.9, "loss_years": 1, "far_share": 95.0, "earn_yield": 0.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 47.0], ["高纯化学品", 27.0], ["工业化学品", 6.0], ["化学工业", 6.0]], "ret_prev_year": 73.4, "ret_prev2_year": -3.5, "ret_ytd": -21.5, "ret_pivot": 100.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.6, "ret_60": -24.9, "ret_120": -21.5, "ret_250": 7.4, "mdd_250": -48.0, "vol_250": 63.2, "pos_52w": 54.9}, "S": {"duration": 93, "pricing": 51, "hard": 64, "bondness": 61}, "label": "中性", "tags": [], "text": {"像什么": ["PE 105.4 倍、股息率 0.2%、毛利率近 5 年中位 22.4%、固定资产占比 40%、有息负债/EBITDA 1.8 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 40%),没有定价权:毛利率近 5 年中位 22.4%,稳定度 91%。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 0.5%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.4%,稳定度 91%,2020→2022 成本通胀期毛利率变化 0.7 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 40%,资本开支/折旧 0.76 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 105.4 倍 粗算,约 95%(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 -48%,年化波动 63%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -11% / -25% / -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%。", "晶瑞电材:PE 比行业中位高 11.5倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 7.5个百分点;固定资产占比 比行业中位高 7.2个百分点。"]}}