{"F": {"ts_code": "300806.SZ", "name": "斯迪克", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "塑料", "sw3": "膜材料", "ind": "塑料", "fin_source": "tushare", "market": "创业板", "list_date": "20191125", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 46.57, "pe_ttm": 363.7538, "pb": 12.4617, "dv_ttm": 0.0229, "total_mv": 2951289.5282, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.1, 27.0, 29.7, 27.3, 24.6, 22.0], "rev_series": [15.4, 19.8, 18.8, 19.7, 26.9, 30.2], "np_series": [1.8, 2.1, 1.7, 0.6, 0.5, 0.6], "roe_series": [15.5, 15.3, 9.2, 2.6, 2.5, 2.7], "period": "20260630", "rev_ttm": 32.1, "np_ttm": 0.8, "ocf_ttm": 0.4, "fcf_ttm": -1.7, "fcf_yield": -0.6, "ocf_yield": 0.1, "gm_median": 27.0, "gm_std": 2.6, "gm_stab": 0.9, "gm_chg_2022": 4.6, "npm_median": 2.8, "roe_median": 2.7, "commodity": false, "hard_ratio": 52.0, "fix_assets": 42.5, "goodwill_ratio": 0.0, "pb_calc": 12.46, "capex_dep": 0.49, "interest_debt": 39.7, "debt_ebitda": 6.0, "debt_ratio": 67.5, "debt_mv": 13.5, "payout": 11.5, "div_years": 5, "rev_cagr3": 17.1, "np_cagr3": -28.9, "rev_yoy": 14.1, "np_yoy": 82.4, "np_vol": 29.6, "loss_years": 0, "far_share": 99.0, "earn_yield": 0.3, "consensus_n": 4, "fwd_pe": 99.9, "fwd_pe2": 40.8, "fwd_g1": 264.0, "fwd_g2": 145.0, "peg": 0.69, "consensus_disp": null, "mainbz": [["产品", 50.0], ["电子级胶粘材料", 25.0], ["功能性薄膜材料", 9.0], ["薄膜包装材料", 7.0]], "ret_prev_year": 137.7, "ret_prev2_year": -7.8, "ret_ytd": 112.2, "ret_pivot": 597.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.8, "ret_60": -24.1, "ret_120": 24.4, "ret_250": 157.5, "mdd_250": -54.6, "vol_250": 83.7, "pos_52w": 55.3}, "S": {"duration": 100, "pricing": 56, "hard": 83, "bondness": 22}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 363.8 倍、股息率 0.0%、毛利率近 5 年中位 27.0%、固定资产占比 52%、有息负债/EBITDA 6.0 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 52%),没有定价权:毛利率近 5 年中位 27.0%,稳定度 90%。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 -0.6%(经营现金流/市值 0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.0%,稳定度 90%,2020→2022 成本通胀期毛利率变化 4.6 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 52%,资本开支/折旧 0.49 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 363.8 倍 粗算,约 99%(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 158%,最大回撤 -55%,年化波动 84%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -3% / -24% / 24%。", "行业对照": ["同申万二级「塑料」77 家中位:PE 41.1 / 股息率 0.7% / 毛利率 16.9% / 固定资产占比 32% / 分红率 40%。", "斯迪克:PE 比行业中位高 322.7倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位高 10.1个百分点;固定资产占比 比行业中位高 20.1个百分点。"]}}