{"F": {"ts_code": "301076.SZ", "name": "新瀚新材", "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": "20211011", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 21.75, "pe_ttm": 73.0479, "pb": 4.0967, "dv_ttm": 0.7048, "total_mv": 496268.445, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.5, 32.0, 36.1, 31.8, 23.5, 26.6], "rev_series": [2.9, 3.4, 4.0, 4.4, 4.2, 4.4], "np_series": [0.7, 0.7, 1.1, 0.9, 0.6, 0.7], "roe_series": [20.2, 9.4, 10.2, 8.5, 4.9, 5.7], "period": "20260630", "rev_ttm": 4.6, "np_ttm": 0.7, "ocf_ttm": 0.7, "fcf_ttm": 0.4, "fcf_yield": 0.7, "ocf_yield": 1.5, "gm_median": 31.8, "gm_std": 4.4, "gm_stab": 0.86, "gm_chg_2022": -5.4, "npm_median": 19.4, "roe_median": 8.5, "commodity": false, "hard_ratio": 27.1, "fix_assets": 3.5, "goodwill_ratio": 0.3, "pb_calc": 4.1, "capex_dep": 1.2, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 6.3, "debt_mv": null, "payout": 23.8, "div_years": 5, "rev_cagr3": 3.7, "np_cagr3": -14.6, "rev_yoy": 5.3, "np_yoy": 3.8, "np_vol": 34.2, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.4, "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], ["特种工程塑料原料及树脂", 20.0], ["化妆品原料", 11.0], ["医农中间体及其他", 9.0]], "ret_prev_year": 109.3, "ret_prev2_year": -8.5, "ret_ytd": -42.5, "ret_pivot": 142.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.7, "ret_60": -22.0, "ret_120": -30.3, "ret_250": -47.9, "mdd_250": -59.4, "vol_250": 57.8, "pos_52w": 45.3}, "S": {"duration": 84, "pricing": 50, "hard": 43, "bondness": 32}, "label": "中性", "tags": [], "text": {"像什么": ["PE 73.0 倍、股息率 0.7%、毛利率近 5 年中位 31.8%、固定资产占比 27%、资产负债率 6%: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 31.8%),硬资产占比 27%。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 0.7%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.8%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -5.4 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 27%,资本开支/折旧 1.20 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 73.0 倍 粗算,约 93%(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 -48%,最大回撤 -59%,年化波动 58%,现价在 52 周高点的 45%;近 20 / 60 / 120 日 -5% / -22% / -30%。", "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%。", "新瀚新材:PE 比行业中位高 37.1倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 9.5个百分点;固定资产占比 比行业中位低 7.4个百分点。"]}}