{"F": {"ts_code": "300855.SZ", "name": "图南股份", "mkt": "CN", "ccy": "元", "sw1": "有色金属", "sw2": "金属新材料", "sw3": "其他金属新材料", "ind": "金属新材料", "fin_source": "tushare", "market": "创业板", "list_date": "20200723", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 35.77, "pe_ttm": 45.4348, "pb": 6.4356, "dv_ttm": 0.6989, "total_mv": 1414816.1755, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.6, 37.3, 35.0, 34.3, 33.9, 28.0], "rev_series": [5.5, 7.0, 10.3, 13.8, 12.6, 11.3], "np_series": [1.1, 1.8, 2.5, 3.3, 2.7, 1.6], "roe_series": [14.1, 15.9, 18.8, 19.9, 14.2, 7.9], "period": "20260630", "rev_ttm": 15.5, "np_ttm": 3.1, "ocf_ttm": -0.5, "fcf_ttm": -3.7, "fcf_yield": -2.6, "ocf_yield": -0.4, "gm_median": 34.3, "gm_std": 3.1, "gm_stab": 0.91, "gm_chg_2022": 2.4, "npm_median": 23.9, "roe_median": 15.9, "commodity": false, "hard_ratio": 25.7, "fix_assets": 10.0, "goodwill_ratio": 0.0, "pb_calc": 6.44, "capex_dep": 3.29, "interest_debt": 6.5, "debt_ebitda": 1.3, "debt_ratio": 43.5, "debt_mv": 4.6, "payout": 36.8, "div_years": 5, "rev_cagr3": 2.9, "np_cagr3": -15.2, "rev_yoy": 70.9, "np_yoy": 167.9, "np_vol": 39.7, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "consensus_n": 14, "fwd_pe": 32.7, "fwd_pe2": 25.4, "fwd_g1": 39.0, "fwd_g2": 29.0, "peg": 1.13, "consensus_disp": null, "mainbz": [["中小零部件", 30.0], ["变形高温合金制品", 19.0], ["变形高温合金", 19.0], ["铸造高温合金制品", 12.0]], "ret_prev_year": 49.4, "ret_prev2_year": -26.8, "ret_ytd": 11.3, "ret_pivot": 90.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 16.5, "ret_60": 14.4, "ret_120": -10.8, "ret_250": 16.7, "mdd_250": -45.6, "vol_250": 51.6, "pos_52w": 75.7}, "S": {"duration": 68, "pricing": 58, "hard": 41, "bondness": 38}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 45.4 倍、股息率 0.7%、毛利率近 5 年中位 34.3%、固定资产占比 26%、有息负债/EBITDA 1.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 34.3%),硬资产占比 26%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -2.6%(经营现金流/市值 -0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.3%,稳定度 91%,2020→2022 成本通胀期毛利率变化 2.4 个百分点。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 3.29 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 45.4 倍 粗算,约 89%(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 17%,最大回撤 -46%,年化波动 52%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 16% / 14% / -11%。", "行业对照": ["同申万二级「金属新材料」35 家中位:PE 58.5 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 35%。", "图南股份:PE 比行业中位低 13.1倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 16.5个百分点;固定资产占比 比行业中位高 2.8个百分点。"]}}