{"F": {"ts_code": "600299.SH", "name": "安迪苏", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "食品及饲料添加剂", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "20000420", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.57, "pe_ttm": 20.0074, "pb": 1.3387, "dv_ttm": 1.762, "total_mv": 2639370.8601, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.9, 34.1, 27.5, 21.4, 30.2, 28.3], "rev_series": [119.1, 128.7, 145.3, 131.8, 155.3, 172.3], "np_series": [13.5, 14.7, 12.5, 0.5, 12.0, 11.5], "roe_series": [9.7, 10.5, 8.6, 0.3, 7.9, 6.5], "period": "20260630", "rev_ttm": 184.3, "np_ttm": 13.2, "ocf_ttm": 30.8, "fcf_ttm": -0.7, "fcf_yield": -0.3, "ocf_yield": 11.7, "gm_median": 28.3, "gm_std": 4.2, "gm_stab": 0.85, "gm_chg_2022": -10.4, "npm_median": 7.8, "roe_median": 7.9, "commodity": false, "hard_ratio": 44.6, "fix_assets": 127.4, "goodwill_ratio": 7.4, "pb_calc": 1.34, "capex_dep": 2.65, "interest_debt": 26.4, "debt_ebitda": 0.7, "debt_ratio": 30.8, "debt_mv": 10.0, "payout": 40.0, "div_years": 5, "rev_cagr3": 5.8, "np_cagr3": -2.5, "rev_yoy": 14.0, "np_yoy": 22.2, "np_vol": 894.8, "loss_years": 0, "far_share": 75.0, "earn_yield": 5.0, "consensus_n": 7, "fwd_pe": 16.7, "fwd_pe2": 14.7, "fwd_g1": 19.0, "fwd_g2": 14.0, "peg": 1.19, "consensus_disp": null, "mainbz": [["产品", 50.0], ["功能性产品", 38.0], ["特种产品", 12.0]], "ret_prev_year": -27.8, "ret_prev2_year": 60.6, "ret_ytd": -2.8, "ret_pivot": -8.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.4, "ret_60": -13.8, "ret_120": -44.2, "ret_250": -17.7, "mdd_250": -49.6, "vol_250": 41.2, "pos_52w": 55.8}, "S": {"duration": 39, "pricing": 48, "hard": 71, "bondness": 41}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 20.0 倍、股息率 1.8%、毛利率近 5 年中位 28.3%、固定资产占比 45%、有息负债/EBITDA 0.7 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 45%),没有定价权:毛利率近 5 年中位 28.3%,稳定度 85%。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": "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 11.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.3%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -10.4 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 45%,资本开支/折旧 2.65 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.0 倍 粗算,约 75%(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 -18%,最大回撤 -50%,年化波动 41%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 1% / -14% / -44%。", "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%。", "安迪苏:PE 比行业中位低 15.9倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 6.0个百分点;固定资产占比 比行业中位高 10.1个百分点。"]}}