{"F": {"ts_code": "300684.SZ", "name": "中石科技", "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": "20171227", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 88.9, "pe_ttm": 74.9879, "pb": 12.8544, "dv_ttm": 0.8293, "total_mv": 2662636.9925, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.5, 26.1, 28.2, 25.1, 30.9, 36.3], "rev_series": [11.5, 12.5, 15.9, 12.6, 15.7, 18.3], "np_series": [1.9, 1.3, 1.9, 0.7, 2.0, 3.4], "roe_series": [15.2, 7.9, 11.5, 4.1, 10.2, 16.1], "period": "20260630", "rev_ttm": 19.1, "np_ttm": 3.6, "ocf_ttm": 3.3, "fcf_ttm": 1.1, "fcf_yield": 0.4, "ocf_yield": 1.2, "gm_median": 28.2, "gm_std": 4.0, "gm_stab": 0.86, "gm_chg_2022": -5.3, "npm_median": 12.1, "roe_median": 10.2, "commodity": false, "hard_ratio": 26.7, "fix_assets": 6.9, "goodwill_ratio": 0.4, "pb_calc": 12.85, "capex_dep": 3.44, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 18.6, "debt_mv": 0.1, "payout": 92.5, "div_years": 5, "rev_cagr3": 4.8, "np_cagr3": 20.5, "rev_yoy": 10.7, "np_yoy": 13.6, "np_vol": 82.2, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.3, "consensus_n": 3, "fwd_pe": 59.1, "fwd_pe2": 34.1, "fwd_g1": 27.0, "fwd_g2": 73.0, "peg": 0.81, "consensus_disp": null, "mainbz": [["产品", 50.0], ["导热材料", 49.0], ["合计特别调整", 1.0], ["其他业务", 0.0]], "ret_prev_year": 130.4, "ret_prev2_year": 5.9, "ret_ytd": 83.4, "ret_pivot": 572.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 72.0, "ret_60": 64.9, "ret_120": 67.6, "ret_250": 145.3, "mdd_250": -43.4, "vol_250": 82.0, "pos_52w": 91.6}, "S": {"duration": 85, "pricing": 48, "hard": 43, "bondness": 53}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 75.0 倍、股息率 0.8%、毛利率近 5 年中位 28.2%、固定资产占比 27%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 27%,毛利率近 5 年中位 28.2%。", "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 0.4%(经营现金流/市值 1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.2%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -5.3 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 27%,资本开支/折旧 3.44 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 75.0 倍 粗算,约 93%(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 145%,最大回撤 -43%,年化波动 82%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 72% / 65% / 68%。", "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%。", "中石科技:PE 比行业中位低 18.9倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位低 1.7个百分点;固定资产占比 比行业中位低 6.2个百分点。"]}}