{"F": {"ts_code": "300834.SZ", "name": "星辉环材", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "塑料", "sw3": "改性塑料", "ind": "塑料", "fin_source": "tushare", "market": "创业板", "list_date": "20220113", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 41.61, "pe_ttm": 109.7814, "pb": 2.7917, "dv_ttm": 0.3453, "total_mv": 806037.1008, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.1, 21.4, 6.8, 3.9, 4.2, 2.5], "rev_series": [13.1, 19.8, 18.7, 16.0, 16.9, 13.1], "np_series": [2.2, 2.9, 1.4, 0.8, 1.0, 0.5], "roe_series": [57.1, 46.9, 7.4, 2.7, 3.3, 1.7], "period": "20260630", "rev_ttm": 11.2, "np_ttm": 0.7, "ocf_ttm": 2.0, "fcf_ttm": 2.0, "fcf_yield": 2.5, "ocf_yield": 2.5, "gm_median": 4.2, "gm_std": 7.0, "gm_stab": -0.66, "gm_chg_2022": -18.3, "npm_median": 5.7, "roe_median": 3.3, "commodity": false, "hard_ratio": 15.0, "fix_assets": 6.5, "goodwill_ratio": 0.0, "pb_calc": 2.79, "capex_dep": 0.01, "interest_debt": 9.8, "debt_ebitda": 16.9, "debt_ratio": 33.2, "debt_mv": 12.2, "payout": 51.0, "div_years": 5, "rev_cagr3": -11.3, "np_cagr3": -28.9, "rev_yoy": -27.8, "np_yoy": 89.3, "np_vol": 36.7, "loss_years": 0, "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", 50.0], ["HIPS", 29.0], ["GPPS", 20.0], ["物业收入", 1.0]], "ret_prev_year": 19.3, "ret_prev2_year": -6.8, "ret_ytd": 80.3, "ret_pivot": 160.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.8, "ret_60": -7.8, "ret_120": 62.4, "ret_250": 67.3, "mdd_250": -37.5, "vol_250": 62.4, "pos_52w": 83.0}, "S": {"duration": 94, "pricing": 6, "hard": 24, "bondness": 55}, "label": "中性", "tags": [], "text": {"像什么": ["PE 109.8 倍、股息率 0.3%、毛利率近 5 年中位 4.2%、固定资产占比 15%、有息负债/EBITDA 16.9 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 15%,毛利率近 5 年中位 4.2%。", "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 2.5%(经营现金流/市值 2.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 4.2%,稳定度 -66%,2020→2022 成本通胀期毛利率变化 -18.3 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 15%,资本开支/折旧 0.01 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 109.8 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 67%,最大回撤 -38%,年化波动 62%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 6% / -8% / 62%。", "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%。", "星辉环材:PE 比行业中位高 68.7倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 12.7个百分点;固定资产占比 比行业中位低 16.9个百分点。"]}}