{"F": {"ts_code": "301206.SZ", "name": "三元生物", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "食品及饲料添加剂", "ind": "化学制品", "fin_source": "tushare", "market": "创业板", "list_date": "20220210", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 23.41, "pe_ttm": 56.1681, "pb": 1.1304, "dv_ttm": 4.2226, "total_mv": 473644.4637, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.3, 42.0, 14.1, 3.1, 11.1, 16.1], "rev_series": [7.8, 16.8, 6.7, 5.0, 7.1, 6.5], "np_series": [2.3, 5.4, 1.6, 0.6, 1.0, 0.9], "roe_series": [54.2, 68.9, 5.8, 1.2, 2.3, 2.1], "period": "20260630", "rev_ttm": 7.6, "np_ttm": 0.8, "ocf_ttm": 0.9, "fcf_ttm": -0.6, "fcf_yield": -1.2, "ocf_yield": 2.0, "gm_median": 14.1, "gm_std": 13.1, "gm_stab": 0.07, "gm_chg_2022": -28.2, "npm_median": 14.7, "roe_median": 2.3, "commodity": false, "hard_ratio": 26.1, "fix_assets": 11.7, "goodwill_ratio": 0.0, "pb_calc": 1.13, "capex_dep": 1.96, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 6.5, "debt_mv": null, "payout": 217.4, "div_years": 5, "rev_cagr3": -1.3, "np_cagr3": -17.7, "rev_yoy": 34.8, "np_yoy": -12.3, "np_vol": 81.2, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.8, "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], ["糖醇类", 26.0], ["糖醇", 26.0], ["功能糖类", 8.0]], "ret_prev_year": 7.6, "ret_prev2_year": -8.7, "ret_ytd": -9.2, "ret_pivot": 11.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.1, "ret_60": 2.1, "ret_120": -13.2, "ret_250": -21.4, "mdd_250": -27.3, "vol_250": 26.5, "pos_52w": 78.3}, "S": {"duration": 75, "pricing": 13, "hard": 42, "bondness": 83}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 217%、股息率 4.2%、营收 3 年复合 -1.3%、资产负债率 6%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 26%,毛利率近 5 年中位 14.1%。", "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 -1.2%(经营现金流/市值 2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.1%,稳定度 7%,2020→2022 成本通胀期毛利率变化 -28.2 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 26%,资本开支/折旧 1.96 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 56.2 倍 粗算,约 91%(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 -21%,最大回撤 -27%,年化波动 26%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 -0% / 2% / -13%。", "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%。", "三元生物:PE 比行业中位高 20.3倍;股息率 比行业中位高 3.1个百分点;毛利率 比行业中位低 8.2个百分点;固定资产占比 比行业中位低 8.4个百分点。"]}}