{"F": {"ts_code": "300910.SZ", "name": "瑞丰新材", "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": "20201127", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 29.49, "pe_ttm": 14.4627, "pb": 2.9762, "dv_ttm": 3.8557, "total_mv": 1129591.7427, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.6, 30.5, 30.1, 35.0, 35.8, 34.6], "rev_series": [8.6, 10.8, 30.5, 28.2, 31.6, 35.1], "np_series": [1.8, 2.0, 5.9, 6.1, 7.2, 7.4], "roe_series": [12.4, 9.5, 24.0, 20.7, 22.3, 20.6], "period": "20260630", "rev_ttm": 37.9, "np_ttm": 7.8, "ocf_ttm": 4.5, "fcf_ttm": 1.9, "fcf_yield": 1.7, "ocf_yield": 4.0, "gm_median": 34.6, "gm_std": 2.4, "gm_stab": 0.93, "gm_chg_2022": -4.4, "npm_median": 21.1, "roe_median": 20.7, "commodity": false, "hard_ratio": 26.0, "fix_assets": 14.6, "goodwill_ratio": 0.0, "pb_calc": 2.98, "capex_dep": 2.34, "interest_debt": 10.3, "debt_ebitda": 1.2, "debt_ratio": 31.7, "debt_mv": 9.1, "payout": 49.4, "div_years": 5, "rev_cagr3": 4.8, "np_cagr3": 7.8, "rev_yoy": 16.8, "np_yoy": 12.1, "np_vol": 73.9, "loss_years": 0, "far_share": 65.0, "earn_yield": 6.9, "consensus_n": 11, "fwd_pe": 12.2, "fwd_pe2": 10.2, "fwd_g1": 18.0, "fwd_g2": 20.0, "peg": 0.61, "consensus_disp": null, "mainbz": [["产品", 50.0], ["润滑油添加剂", 48.0], ["其他业务", 1.0], ["合计特别调整", 0.0]], "ret_prev_year": 22.6, "ret_prev2_year": 7.0, "ret_ytd": -30.4, "ret_pivot": 17.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.2, "ret_60": -5.4, "ret_120": -24.5, "ret_250": -38.8, "mdd_250": -46.4, "vol_250": 40.2, "pos_52w": 62.9}, "S": {"duration": 30, "pricing": 54, "hard": 42, "bondness": 59}, "label": "现金流红利", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["分红率 49%、股息率 3.9%、营收 3 年复合 4.8%、有息负债/EBITDA 1.2 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 34.6%),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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 1.7%(经营现金流/市值 4.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.6%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -4.4 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 26%,资本开支/折旧 2.34 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.5 倍 粗算,约 65%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -39%,最大回撤 -46%,年化波动 40%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 1% / -5% / -24%。", "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%。", "瑞丰新材:PE 比行业中位低 21.4倍;股息率 比行业中位高 2.8个百分点;毛利率 比行业中位高 12.3个百分点;固定资产占比 比行业中位低 8.5个百分点。"]}}