{"F": {"ts_code": "301683.SZ", "name": "慧谷新材", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "涂料油墨", "ind": "化学制品", "fin_source": "tushare", "market": "创业板", "list_date": "20260401", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 96.24, "pe_ttm": 28.8716, "pb": 2.5758, "dv_ttm": 1.143, "total_mv": 607433.196, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.6, 38.5, 40.7, 44.9], "rev_series": [6.6, 7.2, 8.2, 9.9], "np_series": [0.3, 1.1, 1.5, 2.1], "roe_series": [4.2, 13.6, 15.4, 18.8], "period": "20260630", "rev_ttm": 10.7, "np_ttm": 2.1, "ocf_ttm": 2.1, "fcf_ttm": 0.9, "fcf_yield": 1.4, "ocf_yield": 3.4, "gm_median": 39.6, "gm_std": 5.6, "gm_stab": 0.86, "gm_chg_2022": null, "npm_median": 16.3, "roe_median": 14.5, "commodity": false, "hard_ratio": 10.6, "fix_assets": 2.8, "goodwill_ratio": 0.0, "pb_calc": 2.58, "capex_dep": 4.72, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 12.1, "debt_mv": 0.0, "payout": 25.2, "div_years": 1, "rev_cagr3": 14.1, "np_cagr3": 90.1, "rev_yoy": 16.2, "np_yoy": 3.4, "np_vol": 105.0, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["涂层材料产品", 46.0], ["涂层材料", 46.0], ["树脂", 4.0], ["胶黏剂及胶膜", 4.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.7, "ret_60": -21.6, "ret_120": null, "ret_250": null, "mdd_250": -35.8, "vol_250": 58.1, "pos_52w": 65.4}, "S": {"duration": 51, "pricing": 57, "hard": 17, "bondness": 22}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 28.9 倍、股息率 1.1%、毛利率近 5 年中位 39.6%、固定资产占比 11%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 39.6%),硬资产占比 11%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 1.4%(经营现金流/市值 3.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 39.6%,稳定度 86%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 11%,资本开支/折旧 4.72 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.9 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?"]], "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%。", "慧谷新材:PE 比行业中位低 7.0倍;股息率 与行业中位持平;毛利率 比行业中位高 17.3个百分点;固定资产占比 比行业中位低 23.9个百分点。"]}}