{"F": {"ts_code": "600259.SH", "name": "中稀有色", "mkt": "CN", "ccy": "元", "sw1": "有色金属", "sw2": "小金属", "sw3": "稀土", "ind": "小金属", "fin_source": "tushare", "market": "主板", "list_date": "20000525", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 76.99, "pe_ttm": 56.4912, "pb": 6.7321, "dv_ttm": 0.1948, "total_mv": 2590219.9941, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [3.1, 3.5, 3.3, 3.2, 1.3, 6.2], "rev_series": [101.9, 161.0, 228.6, 208.1, 126.0, 58.2], "np_series": [0.5, 1.4, 2.3, 2.0, -3.0, 1.3], "roe_series": [3.0, 7.8, 8.8, 5.7, -8.5, 3.7], "period": "20260630", "rev_ttm": 56.5, "np_ttm": 4.6, "ocf_ttm": 8.3, "fcf_ttm": 6.5, "fcf_yield": 2.5, "ocf_yield": 3.2, "gm_median": 3.3, "gm_std": 1.6, "gm_stab": 0.53, "gm_chg_2022": 0.2, "npm_median": 1.0, "roe_median": 5.7, "commodity": true, "hard_ratio": 17.2, "fix_assets": 14.6, "goodwill_ratio": 0.0, "pb_calc": 6.73, "capex_dep": 2.63, "interest_debt": 20.4, "debt_ebitda": 7.8, "debt_ratio": 52.2, "debt_mv": 7.9, "payout": 39.5, "div_years": 1, "rev_cagr3": -36.6, "np_cagr3": -18.1, "rev_yoy": -6.4, "np_yoy": 456.5, "np_vol": 149.0, "loss_years": 1, "far_share": 91.0, "earn_yield": 1.8, "consensus_n": 3, "fwd_pe": 35.2, "fwd_pe2": 28.1, "fwd_g1": 60.0, "fwd_g2": 25.0, "peg": 1.41, "consensus_disp": null, "mainbz": [["产品", 44.0], ["稀土及相关产品", 33.0], ["其他主营业务", 12.0], ["其他", 12.0]], "ret_prev_year": 102.9, "ret_prev2_year": -21.6, "ret_ytd": 37.2, "ret_pivot": 223.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -15.1, "ret_60": -16.4, "ret_120": -14.3, "ret_250": 16.4, "mdd_250": -41.8, "vol_250": 65.4, "pos_52w": 64.9}, "S": {"duration": 76, "pricing": 70, "hard": 28, "bondness": 50}, "label": "中性", "tags": ["商品定价", "资本开支扩张期"], "text": {"像什么": ["PE 56.5 倍、股息率 0.2%、毛利率近 5 年中位 3.3%、固定资产占比 17%、有息负债/EBITDA 7.8 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 3.3%),硬资产占比 17%。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 2.5%(经营现金流/市值 3.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 3.3%,稳定度 53%,2020→2022 成本通胀期毛利率变化 0.2 个百分点。不能。"], ["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 2.63 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 56.5 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 16%,最大回撤 -42%,年化波动 65%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -15% / -16% / -14%。", "行业对照": ["同申万二级「小金属」29 家中位:PE 36.9 / 股息率 0.6% / 毛利率 18.3% / 固定资产占比 22% / 分红率 35%。", "中稀有色:PE 比行业中位高 19.6倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 15.0个百分点;固定资产占比 比行业中位低 4.5个百分点。"]}}