{"F": {"ts_code": "301300.SZ", "name": "远翔新材", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "橡胶", "sw3": "炭黑", "ind": "橡胶", "fin_source": "tushare", "market": "创业板", "list_date": "20220819", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 33.23, "pe_ttm": 29.3623, "pb": 2.6079, "dv_ttm": 3.1862, "total_mv": 217420.567, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.5, 30.8, 25.2, 20.4, 22.2, 29.5], "rev_series": [3.2, 4.0, 3.7, 3.9, 4.7, 5.1], "np_series": [0.7, 0.8, 0.5, 0.3, 0.5, 0.9], "roe_series": [33.5, 30.4, 9.6, 4.1, 5.9, 11.1], "period": "20260630", "rev_ttm": 5.3, "np_ttm": 0.7, "ocf_ttm": 0.8, "fcf_ttm": 0.6, "fcf_yield": 2.8, "ocf_yield": 3.7, "gm_median": 25.2, "gm_std": 4.0, "gm_stab": 0.84, "gm_chg_2022": -9.3, "npm_median": 14.5, "roe_median": 9.6, "commodity": false, "hard_ratio": 16.3, "fix_assets": 1.7, "goodwill_ratio": 0.0, "pb_calc": 2.61, "capex_dep": 1.13, "interest_debt": 0.2, "debt_ebitda": 0.2, "debt_ratio": 17.6, "debt_mv": 0.8, "payout": 76.9, "div_years": 5, "rev_cagr3": 11.9, "np_cagr3": 19.1, "rev_yoy": 4.9, "np_yoy": -39.5, "np_vol": 45.5, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["通用型二氧化硅", 30.0], ["硅橡胶用二氧化硅(通用型)", 30.0], ["其他应用二氧化硅", 3.0]], "ret_prev_year": 73.3, "ret_prev2_year": -16.8, "ret_ytd": -20.9, "ret_pivot": 76.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.5, "ret_60": -2.1, "ret_120": -29.3, "ret_250": -18.5, "mdd_250": -47.6, "vol_250": 43.3, "pos_52w": 65.3}, "S": {"duration": 52, "pricing": 46, "hard": 26, "bondness": 55}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 77%、股息率 3.2%、营收 3 年复合 11.9%、有息负债/EBITDA 0.2 倍: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 16%,毛利率近 5 年中位 25.2%。", "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 2.8%(经营现金流/市值 3.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.2%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -9.3 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 16%,资本开支/折旧 1.13 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.4 倍 粗算,约 83%(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 -18%,最大回撤 -48%,年化波动 43%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 8% / -2% / -29%。", "行业对照": ["同申万二级「橡胶」23 家中位:PE 29.4 / 股息率 1.5% / 毛利率 23.7% / 固定资产占比 27% / 分红率 47%。", "远翔新材:PE 与行业中位持平;股息率 比行业中位高 1.7个百分点;毛利率 比行业中位高 1.5个百分点;固定资产占比 比行业中位低 10.7个百分点。"]}}