{"F": {"ts_code": "301077.SZ", "name": "星华新材", "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": "20210930", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 21.36, "pe_ttm": 31.1427, "pb": 3.0735, "dv_ttm": 2.8062, "total_mv": 363649.0872, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.4, 26.2, 25.0, 27.5, 32.4, 33.7], "rev_series": [6.2, 7.9, 7.3, 7.0, 7.9, 7.7], "np_series": [1.0, 1.3, 1.0, 1.0, 1.5, 1.3], "roe_series": [44.7, 17.9, 8.0, 8.0, 12.1, 10.8], "period": "20260630", "rev_ttm": 9.1, "np_ttm": 1.2, "ocf_ttm": 1.9, "fcf_ttm": 1.3, "fcf_yield": 3.5, "ocf_yield": 5.1, "gm_median": 27.5, "gm_std": 3.5, "gm_stab": 0.87, "gm_chg_2022": -4.4, "npm_median": 16.9, "roe_median": 10.8, "commodity": false, "hard_ratio": 17.5, "fix_assets": 3.7, "goodwill_ratio": 4.5, "pb_calc": 3.07, "capex_dep": 1.98, "interest_debt": 5.4, "debt_ebitda": 3.1, "debt_ratio": 42.5, "debt_mv": 14.8, "payout": 78.9, "div_years": 5, "rev_cagr3": 1.6, "np_cagr3": 9.7, "rev_yoy": 35.3, "np_yoy": -16.1, "np_vol": 30.1, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 37.0], ["反光材料", 21.0], ["反光布", 21.0], ["信息化及数字化业务", 8.0]], "ret_prev_year": 49.1, "ret_prev2_year": 40.9, "ret_ytd": -16.5, "ret_pivot": 127.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.7, "ret_60": -4.6, "ret_120": -24.9, "ret_250": -5.6, "mdd_250": -52.5, "vol_250": 51.9, "pos_52w": 55.8}, "S": {"duration": 54, "pricing": 48, "hard": 28, "bondness": 72}, "label": "中性", "tags": [], "text": {"像什么": ["PE 31.1 倍、股息率 2.8%、毛利率近 5 年中位 27.5%、固定资产占比 18%、有息负债/EBITDA 3.1 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 18%,毛利率近 5 年中位 27.5%。", "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 3.5%(经营现金流/市值 5.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.5%,稳定度 87%,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 18%,资本开支/折旧 1.98 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.1 倍 粗算,约 84%(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 -6%,最大回撤 -52%,年化波动 52%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 4% / -5% / -25%。", "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%。", "星华新材:PE 比行业中位低 4.8倍;股息率 比行业中位高 1.7个百分点;毛利率 比行业中位高 5.2个百分点;固定资产占比 比行业中位低 17.0个百分点。"]}}