{"F": {"ts_code": "301035.SZ", "name": "润丰股份", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "农化制品", "sw3": "农药", "ind": "农化制品", "fin_source": "tushare", "market": "创业板", "list_date": "20210728", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 56.48, "pe_ttm": 20.7789, "pb": 2.6811, "dv_ttm": 2.5963, "total_mv": 2058725.3696, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.1, 19.0, 20.2, 21.2, 19.8, 22.8], "rev_series": [72.9, 98.0, 144.6, 114.8, 133.0, 146.9], "np_series": [4.4, 8.0, 14.1, 7.7, 4.5, 10.4], "roe_series": [16.7, 20.7, 25.5, 12.1, 6.8, 14.7], "period": "20260630", "rev_ttm": 156.0, "np_ttm": 9.9, "ocf_ttm": 13.8, "fcf_ttm": 5.8, "fcf_yield": 2.8, "ocf_yield": 6.7, "gm_median": 20.2, "gm_std": 1.3, "gm_stab": 0.93, "gm_chg_2022": 3.1, "npm_median": 8.0, "roe_median": 14.7, "commodity": false, "hard_ratio": 17.3, "fix_assets": 32.7, "goodwill_ratio": 0.5, "pb_calc": 2.68, "capex_dep": 2.3, "interest_debt": 32.8, "debt_ebitda": 1.4, "debt_ratio": 56.7, "debt_mv": 15.9, "payout": 36.6, "div_years": 5, "rev_cagr3": 0.5, "np_cagr3": -9.6, "rev_yoy": 13.9, "np_yoy": -9.7, "np_vol": 71.6, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.8, "consensus_n": 12, "fwd_pe": 14.2, "fwd_pe2": 11.4, "fwd_g1": 46.0, "fwd_g2": 25.0, "peg": 0.57, "consensus_disp": null, "mainbz": [["除草剂", 36.0], ["主营-除草剂", 36.0], ["杀虫剂", 8.0], ["主营-杀虫剂", 8.0]], "ret_prev_year": 43.5, "ret_prev2_year": -30.4, "ret_ytd": 11.1, "ret_pivot": 108.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.6, "ret_60": 11.7, "ret_120": -8.6, "ret_250": 4.4, "mdd_250": -31.6, "vol_250": 36.6, "pos_52w": 85.7}, "S": {"duration": 41, "pricing": 52, "hard": 28, "bondness": 52}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 20.8 倍、股息率 2.6%、毛利率近 5 年中位 20.2%、固定资产占比 17%、有息负债/EBITDA 1.4 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 17%,毛利率近 5 年中位 20.2%。", "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 2.8%(经营现金流/市值 6.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.2%,稳定度 93%,2020→2022 成本通胀期毛利率变化 3.1 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 17%,资本开支/折旧 2.30 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.8 倍 粗算,约 76%(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 4%,最大回撤 -32%,年化波动 37%,现价在 52 周高点的 86%;近 20 / 60 / 120 日 7% / 12% / -9%。", "行业对照": ["同申万二级「农化制品」62 家中位:PE 20.8 / 股息率 2.0% / 毛利率 19.9% / 固定资产占比 36% / 分红率 45%。", "润丰股份:PE 与行业中位持平;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 0.3个百分点;固定资产占比 比行业中位低 18.3个百分点。"]}}