{"F": {"ts_code": "301630.SZ", "name": "同宇新材", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "电子化学品Ⅱ", "sw3": "电子化学品Ⅲ", "ind": "电子化学品Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20250710", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 180.02, "pe_ttm": 56.0014, "pb": 5.7982, "dv_ttm": 0.8729, "total_mv": 1008112.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.5, 22.5, 24.5, 27.9, 25.4, 21.0], "rev_series": [null, null, 11.9, 8.9, 9.5, 12.0], "np_series": [null, null, 1.9, 1.6, 1.4, 1.3], "roe_series": [37.6, 68.9, 52.0, 30.0, 19.9, 10.2], "period": "20260630", "rev_ttm": 13.9, "np_ttm": 1.8, "ocf_ttm": 0.8, "fcf_ttm": 0.3, "fcf_yield": 0.3, "ocf_yield": 0.8, "gm_median": 24.5, "gm_std": 2.4, "gm_stab": 0.9, "gm_chg_2022": 5.0, "npm_median": 15.0, "roe_median": 30.0, "commodity": false, "hard_ratio": 26.1, "fix_assets": 6.3, "goodwill_ratio": 0.0, "pb_calc": 5.8, "capex_dep": 1.03, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 27.8, "debt_mv": 0.0, "payout": 59.0, "div_years": 1, "rev_cagr3": 0.3, "np_cagr3": -12.2, "rev_yoy": 32.5, "np_yoy": 79.6, "np_vol": 97.1, "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", 49.0], ["电子树脂", 48.0], ["其他业务", 1.0], ["其他", 1.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": 50.0, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.7, "ret_60": -16.6, "ret_120": 30.0, "ret_250": 16.6, "mdd_250": -51.5, "vol_250": 75.1, "pos_52w": 61.5}, "S": {"duration": 75, "pricing": 55, "hard": 42, "bondness": 46}, "label": "中性", "tags": [], "text": {"像什么": ["PE 56.0 倍、股息率 0.9%、毛利率近 5 年中位 24.5%、固定资产占比 26%、有息负债/EBITDA 0.0 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 26%,毛利率近 5 年中位 24.5%。", "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 0.3%(经营现金流/市值 0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.5%,稳定度 90%,2020→2022 成本通胀期毛利率变化 5.0 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 26%,资本开支/折旧 1.03 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 56.0 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 17%,最大回撤 -52%,年化波动 75%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 3% / -17% / 30%。", "行业对照": ["同申万二级「电子化学品Ⅱ」36 家中位:PE 93.9 / 股息率 0.4% / 毛利率 29.9% / 固定资产占比 33% / 分红率 44%。", "同宇新材:PE 比行业中位低 37.9倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位低 5.4个百分点;固定资产占比 比行业中位低 6.8个百分点。"]}}