{"F": {"ts_code": "600273.SH", "name": "嘉化能源", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "其他化学制品", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "20030627", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.72, "pe_ttm": 14.076, "pb": 0.8841, "dv_ttm": 6.6693, "total_mv": 881199.7152, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.1, 28.9, 21.8, 20.0, 17.6, 14.8], "rev_series": [55.7, 89.6, 115.0, 87.7, 91.5, 101.8], "np_series": [13.0, 18.1, 16.0, 11.8, 10.1, 9.9], "roe_series": [17.7, 21.6, 17.0, 12.0, 10.1, 9.7], "period": "20260630", "rev_ttm": 102.1, "np_ttm": 6.3, "ocf_ttm": 4.7, "fcf_ttm": 2.7, "fcf_yield": 3.1, "ocf_yield": 5.3, "gm_median": 20.0, "gm_std": 4.8, "gm_stab": 0.76, "gm_chg_2022": -13.3, "npm_median": 13.4, "roe_median": 12.0, "commodity": false, "hard_ratio": 54.4, "fix_assets": 76.6, "goodwill_ratio": 3.5, "pb_calc": 0.88, "capex_dep": 0.25, "interest_debt": 23.3, "debt_ebitda": 1.5, "debt_ratio": 29.0, "debt_mv": 26.4, "payout": 54.1, "div_years": 5, "rev_cagr3": -4.0, "np_cagr3": -14.8, "rev_yoy": 0.6, "np_yoy": -62.3, "np_vol": 22.3, "loss_years": 0, "far_share": 64.0, "earn_yield": 7.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["主营业务", 50.0], ["脂肪醇(酸)", 25.0], ["聚氯乙烯", 7.0], ["蒸汽", 7.0]], "ret_prev_year": 16.0, "ret_prev2_year": -2.9, "ret_ytd": -20.8, "ret_pivot": 6.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.9, "ret_60": -3.2, "ret_120": -33.0, "ret_250": -19.8, "mdd_250": -46.3, "vol_250": 33.9, "pos_52w": 56.4}, "S": {"duration": 30, "pricing": 40, "hard": 87, "bondness": 73}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 54%、股息率 6.7%、营收 3 年复合 -4.0%、有息负债/EBITDA 1.5 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 54%),没有定价权:毛利率近 5 年中位 20.0%,稳定度 76%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.1%(经营现金流/市值 5.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.0%,稳定度 76%,2020→2022 成本通胀期毛利率变化 -13.3 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 54%,资本开支/折旧 0.25 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.1 倍 粗算,约 64%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -20%,最大回撤 -46%,年化波动 34%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -2% / -3% / -33%。", "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%。", "嘉化能源:PE 比行业中位低 21.8倍;股息率 比行业中位高 5.6个百分点;毛利率 比行业中位低 2.3个百分点;固定资产占比 比行业中位高 19.9个百分点。"]}}