{"F": {"ts_code": "300804.SZ", "name": "广康生化", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "农化制品", "sw3": "农药", "ind": "农化制品", "fin_source": "tushare", "market": "创业板", "list_date": "20230627", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 45.08, "pe_ttm": 222.3028, "pb": 2.4531, "dv_ttm": 0.3327, "total_mv": 333592.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.6, 31.6, 29.3, 24.0, 20.8, 24.1], "rev_series": [4.5, 6.5, 6.6, 5.0, 7.2, 7.5], "np_series": [0.7, 1.0, 1.0, 0.3, 0.3, 0.4], "roe_series": [18.9, 20.9, 17.2, 3.2, 2.7, 3.0], "period": "20260630", "rev_ttm": 7.4, "np_ttm": 0.2, "ocf_ttm": -0.3, "fcf_ttm": -3.6, "fcf_yield": -10.7, "ocf_yield": -0.9, "gm_median": 24.1, "gm_std": 3.9, "gm_stab": 0.84, "gm_chg_2022": -9.3, "npm_median": 6.1, "roe_median": 3.2, "commodity": false, "hard_ratio": 46.9, "fix_assets": 10.4, "goodwill_ratio": 0.0, "pb_calc": 2.45, "capex_dep": 4.41, "interest_debt": 4.9, "debt_ebitda": 4.2, "debt_ratio": 38.6, "debt_mv": 14.6, "payout": 87.0, "div_years": 2, "rev_cagr3": 4.6, "np_cagr3": -24.9, "rev_yoy": -4.2, "np_yoy": -88.6, "np_vol": 37.2, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["原药", 34.0], ["制剂", 14.0], ["中间体", 2.0]], "ret_prev_year": 55.5, "ret_prev2_year": -27.0, "ret_ytd": 29.4, "ret_pivot": 129.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.9, "ret_60": 18.9, "ret_120": -15.8, "ret_250": 4.0, "mdd_250": -45.3, "vol_250": 56.7, "pos_52w": 84.2}, "S": {"duration": 100, "pricing": 45, "hard": 75, "bondness": 60}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 222.3 倍、股息率 0.3%、毛利率近 5 年中位 24.1%、固定资产占比 47%、有息负债/EBITDA 4.2 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 47%),没有定价权:毛利率近 5 年中位 24.1%,稳定度 84%。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 -10.7%(经营现金流/市值 -0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.1%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -9.3 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 47%,资本开支/折旧 4.41 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 222.3 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 4%,最大回撤 -45%,年化波动 57%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 11% / 19% / -16%。", "行业对照": ["同申万二级「农化制品」62 家中位:PE 20.8 / 股息率 2.0% / 毛利率 19.9% / 固定资产占比 36% / 分红率 45%。", "广康生化:PE 比行业中位高 201.5倍;股息率 比行业中位低 1.7个百分点;毛利率 比行业中位高 4.2个百分点;固定资产占比 比行业中位高 11.3个百分点。"]}}