{"F": {"ts_code": "301531.SZ", "name": "春光集团", "mkt": "CN", "ccy": "元", "sw1": "有色金属", "sw2": "金属新材料", "sw3": "磁性材料", "ind": "金属新材料", "fin_source": "tushare", "market": "创业板", "list_date": "20260511", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 46.34, "pe_ttm": 72.393, "pb": 6.8182, "dv_ttm": null, "total_mv": 1018244.5756, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.9, 21.1, 20.9, 21.6], "rev_series": [10.2, 9.3, 10.8, 11.5], "np_series": [0.8, 0.9, 1.0, 1.2], "roe_series": [15.7, 16.3, 15.8, 17.1], "period": "20260630", "rev_ttm": 13.5, "np_ttm": 1.4, "ocf_ttm": 1.4, "fcf_ttm": 0.4, "fcf_yield": 0.4, "ocf_yield": 1.4, "gm_median": 21.0, "gm_std": 1.9, "gm_stab": 0.91, "gm_chg_2022": null, "npm_median": 9.3, "roe_median": 16.0, "commodity": false, "hard_ratio": 17.3, "fix_assets": 4.0, "goodwill_ratio": 0.0, "pb_calc": 6.82, "capex_dep": 3.78, "interest_debt": 1.7, "debt_ebitda": 0.9, "debt_ratio": 34.5, "debt_mv": 1.7, "payout": null, "div_years": 0, "rev_cagr3": 4.4, "np_cagr3": 17.2, "rev_yoy": 36.3, "np_yoy": 28.1, "np_vol": 5.9, "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", 49.0], ["软磁铁氧体", 45.0], ["电子元部件", 3.0], ["电子元器件", 3.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.9, "ret_60": -27.6, "ret_120": null, "ret_250": null, "mdd_250": -62.6, "vol_250": 91.3, "pos_52w": 40.4}, "S": {"duration": 84, "pricing": 50, "hard": 28, "bondness": 18}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 72.4 倍、股息率 —、毛利率近 5 年中位 21.0%、固定资产占比 17%、有息负债/EBITDA 0.9 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 21.0%。", "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 0.4%(经营现金流/市值 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.0%,稳定度 91%。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 3.78 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 72.4 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?"]], "行业对照": ["同申万二级「金属新材料」35 家中位:PE 58.5 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 35%。", "春光集团:PE 比行业中位高 13.9倍;股息率 ;毛利率 比行业中位高 3.2个百分点;固定资产占比 比行业中位低 5.6个百分点。"]}}