{"F": {"ts_code": "301622.SZ", "name": "英思特", "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": "20241204", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 38.37, "pe_ttm": 156.7089, "pb": 2.9196, "dv_ttm": 0.3909, "total_mv": 444830.7003, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.8, 31.1, 27.8, 26.2, 28.1, 24.5], "rev_series": [3.8, 6.7, 11.3, 9.5, 11.8, 14.4], "np_series": [0.7, 1.3, 2.0, 1.4, 1.8, 1.3], "roe_series": [42.1, 34.5, 38.6, 20.7, 16.0, 8.6], "period": "20260630", "rev_ttm": 15.1, "np_ttm": 0.3, "ocf_ttm": 1.5, "fcf_ttm": -1.5, "fcf_yield": -3.5, "ocf_yield": 3.3, "gm_median": 27.8, "gm_std": 2.2, "gm_stab": 0.92, "gm_chg_2022": -6.0, "npm_median": 15.0, "roe_median": 20.7, "commodity": false, "hard_ratio": 30.6, "fix_assets": 7.6, "goodwill_ratio": 0.0, "pb_calc": 2.92, "capex_dep": 4.48, "interest_debt": 2.3, "debt_ebitda": 1.4, "debt_ratio": 38.3, "debt_mv": 5.2, "payout": 16.4, "div_years": 2, "rev_cagr3": 8.4, "np_cagr3": -12.9, "rev_yoy": 11.4, "np_yoy": -134.0, "np_vol": 43.8, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 35.0], ["单磁铁", 16.0], ["单磁体应用器件", 16.0], ["磁组件应用器件", 14.0]], "ret_prev_year": 4.1, "ret_prev2_year": null, "ret_ytd": -40.3, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.5, "ret_60": -29.8, "ret_120": -41.6, "ret_250": -59.6, "mdd_250": -58.9, "vol_250": 39.7, "pos_52w": 41.6}, "S": {"duration": 98, "pricing": 50, "hard": 49, "bondness": 24}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 156.7 倍、股息率 0.4%、毛利率近 5 年中位 27.8%、固定资产占比 31%、有息负债/EBITDA 1.4 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 31%),没有定价权:毛利率近 5 年中位 27.8%,稳定度 92%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 3.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.8%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -6.0 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 31%,资本开支/折旧 4.48 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 156.7 倍 粗算,约 97%(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 -60%,最大回撤 -59%,年化波动 40%,现价在 52 周高点的 42%;近 20 / 60 / 120 日 -10% / -30% / -42%。", "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%。", "英思特:PE 比行业中位高 98.2倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 10.0个百分点;固定资产占比 比行业中位高 7.7个百分点。"]}}