{"F": {"ts_code": "301010.SZ", "name": "晶雪节能", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "装修建材", "sw3": "其他建材", "ind": "装修建材", "fin_source": "tushare", "market": "创业板", "list_date": "20210618", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 17.81, "pe_ttm": 324.3824, "pb": 2.3085, "dv_ttm": null, "total_mv": 192348.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.5, 21.1, 18.5, 15.6, 14.9, 13.7], "rev_series": [7.7, 9.1, 9.0, 11.5, 11.2, 8.6], "np_series": [0.6, 0.7, 0.4, 0.4, 0.3, 0.1], "roe_series": [11.4, 10.0, 5.0, 4.7, 3.6, 1.0], "period": "20260630", "rev_ttm": 7.7, "np_ttm": 0.1, "ocf_ttm": 0.3, "fcf_ttm": 0.3, "fcf_yield": 1.4, "ocf_yield": 1.6, "gm_median": 15.6, "gm_std": 2.7, "gm_stab": 0.83, "gm_chg_2022": -5.1, "npm_median": 3.3, "roe_median": 4.7, "commodity": false, "hard_ratio": 10.4, "fix_assets": 1.5, "goodwill_ratio": 0.0, "pb_calc": 2.31, "capex_dep": 0.16, "interest_debt": 0.5, "debt_ebitda": 1.7, "debt_ratio": 40.7, "debt_mv": 2.6, "payout": 64.3, "div_years": 4, "rev_cagr3": -1.5, "np_cagr3": -40.6, "rev_yoy": -27.2, "np_yoy": -26.2, "np_vol": 29.2, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.3, "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], ["金属面节能隔热保温夹芯板", 44.0], ["冷库门、工业建筑门", 5.0], ["平台及其他", 1.0]], "ret_prev_year": -5.2, "ret_prev2_year": 27.8, "ret_ytd": -19.6, "ret_pivot": 65.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.1, "ret_60": -2.6, "ret_120": -24.0, "ret_250": -12.5, "mdd_250": -50.6, "vol_250": 54.8, "pos_52w": 62.5}, "S": {"duration": 100, "pricing": 41, "hard": 17, "bondness": 48}, "label": "中性", "tags": [], "text": {"像什么": ["PE 324.4 倍、股息率 —、毛利率近 5 年中位 15.6%、固定资产占比 10%、有息负债/EBITDA 1.7 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 10%,毛利率近 5 年中位 15.6%。", "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 1.4%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.6%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -5.1 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 10%,资本开支/折旧 0.16 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 324.4 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 -12%,最大回撤 -51%,年化波动 55%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 7% / -3% / -24%。", "行业对照": ["同申万二级「装修建材」39 家中位:PE 36.1 / 股息率 1.6% / 毛利率 20.7% / 固定资产占比 21% / 分红率 51%。", "晶雪节能:PE 比行业中位高 288.3倍;股息率 ;毛利率 比行业中位低 5.1个百分点;固定资产占比 比行业中位低 10.4个百分点。"]}}