{"F": {"ts_code": "300801.SZ", "name": "泰和科技", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "其他化学制品", "ind": "化学制品", "fin_source": "tushare", "market": "创业板", "list_date": "20191128", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 21.85, "pe_ttm": 30.1264, "pb": 1.7901, "dv_ttm": 0.4511, "total_mv": 477269.55, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.8, 22.2, 23.2, 17.3, 14.7, 12.1], "rev_series": [15.3, 22.1, 27.3, 22.1, 23.6, 28.1], "np_series": [2.0, 2.8, 4.0, 1.4, 1.2, 0.7], "roe_series": [10.8, 14.0, 17.7, 6.0, 5.0, 3.0], "period": "20260630", "rev_ttm": 27.9, "np_ttm": 1.6, "ocf_ttm": 3.5, "fcf_ttm": 1.5, "fcf_yield": 3.2, "ocf_yield": 7.3, "gm_median": 17.3, "gm_std": 4.3, "gm_stab": 0.75, "gm_chg_2022": 0.4, "npm_median": 6.4, "roe_median": 6.0, "commodity": false, "hard_ratio": 26.0, "fix_assets": 8.2, "goodwill_ratio": 0.0, "pb_calc": 1.79, "capex_dep": 1.66, "interest_debt": 0.9, "debt_ebitda": 0.2, "debt_ratio": 15.1, "debt_mv": 1.9, "payout": 28.8, "div_years": 5, "rev_cagr3": 1.0, "np_cagr3": -42.7, "rev_yoy": -1.4, "np_yoy": 148.2, "np_vol": 43.0, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["水处理药剂及其联副产品", 45.0], ["水处理剂及联副产品", 45.0], ["氯碱产品", 10.0], ["其他业务", 1.0]], "ret_prev_year": 75.7, "ret_prev2_year": -6.4, "ret_ytd": -20.6, "ret_pivot": 76.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.1, "ret_60": -16.1, "ret_120": -23.4, "ret_250": -9.5, "mdd_250": -53.2, "vol_250": 67.5, "pos_52w": 52.0}, "S": {"duration": 53, "pricing": 43, "hard": 42, "bondness": 32}, "label": "中性", "tags": [], "text": {"像什么": ["PE 30.1 倍、股息率 0.5%、毛利率近 5 年中位 17.3%、固定资产占比 26%、有息负债/EBITDA 0.2 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 26%,毛利率近 5 年中位 17.3%。", "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 3.2%(经营现金流/市值 7.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.3%,稳定度 75%,2020→2022 成本通胀期毛利率变化 0.4 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 26%,资本开支/折旧 1.66 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 30.1 倍 粗算,约 83%(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 -10%,最大回撤 -53%,年化波动 68%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -9% / -16% / -23%。", "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%。", "泰和科技:PE 比行业中位低 5.8倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位低 5.0个百分点;固定资产占比 比行业中位低 8.5个百分点。"]}}