{"F": {"ts_code": "301717.SZ", "name": "超纯应材", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "半导体设备", "ind": "半导体", "fin_source": "tushare", "market": "创业板", "list_date": "20260811", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 354.46, "pe_ttm": 152.1107, "pb": 37.2315, "dv_ttm": null, "total_mv": 3610040.4052, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [61.4, 63.1, 58.0, 59.2], "rev_series": [1.4, 1.7, 2.6, 5.0], "np_series": [0.6, 0.6, 0.8, 1.8], "roe_series": [19.8, 21.2, 18.1, 25.5], "period": "20260630", "rev_ttm": 6.0, "np_ttm": 2.4, "ocf_ttm": 2.9, "fcf_ttm": 1.9, "fcf_yield": 0.5, "ocf_yield": 0.8, "gm_median": 60.3, "gm_std": 2.0, "gm_stab": 0.97, "gm_chg_2022": null, "npm_median": 37.8, "roe_median": 20.5, "commodity": false, "hard_ratio": 16.4, "fix_assets": 2.0, "goodwill_ratio": 0.0, "pb_calc": 37.23, "capex_dep": 4.14, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 22.0, "debt_mv": 0.0, "payout": null, "div_years": 0, "rev_cagr3": 53.8, "np_cagr3": 47.5, "rev_yoy": 48.4, "np_yoy": 85.5, "np_vol": 48.7, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.7, "consensus_n": 1, "fwd_pe": 104.6, "fwd_pe2": 50.3, "fwd_g1": 45.0, "fwd_g2": 108.0, "peg": 0.97, "consensus_disp": null, "mainbz": [["产品", 50.0], ["半导体设备特殊涂层零部件", 48.0], ["精密光学器件", 1.0], ["特种材料", 1.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 98, "pricing": 72, "hard": 26, "bondness": 0}, "label": "纯久期", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE TTM 152.1 倍,估值里约 97% 来自 5 年后的假设;固定资产占比 16%,几乎没有重置成本可言。", "一致预期(1 篇研报)前瞻 PE 104.6 倍,次年 50.3 倍,PEG 0.97。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 60.3%),硬资产占比 16%。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": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.5%(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 60.3%,稳定度 97%。能。"], ["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 4.14 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 152.1 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?"]], "行业对照": ["同申万二级「半导体」186 家中位:PE 81.5 / 股息率 0.3% / 毛利率 35.0% / 固定资产占比 11% / 分红率 32%。", "超纯应材:PE 比行业中位高 70.6倍;股息率 ;毛利率 比行业中位高 25.3个百分点;固定资产占比 比行业中位高 5.0个百分点。"]}}