{"F": {"ts_code": "600392.SH", "name": "盛和资源", "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": "20030529", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 21.73, "pe_ttm": 28.2407, "pb": 2.9169, "dv_ttm": 1.6107, "total_mv": 3808892.2018, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.8, 18.7, 16.6, 4.3, 5.2, 10.7], "rev_series": [81.6, 106.2, 167.6, 178.8, 113.7, 149.9], "np_series": [3.2, 10.8, 15.9, 3.3, 2.1, 8.4], "roe_series": [5.0, 12.7, 17.1, 3.6, 2.3, 7.8], "period": "20260630", "rev_ttm": 175.7, "np_ttm": 13.5, "ocf_ttm": -0.2, "fcf_ttm": -4.8, "fcf_yield": -1.3, "ocf_yield": -0.1, "gm_median": 10.7, "gm_std": 5.8, "gm_stab": 0.46, "gm_chg_2022": -1.2, "npm_median": 5.7, "roe_median": 7.8, "commodity": true, "hard_ratio": 8.3, "fix_assets": 20.1, "goodwill_ratio": 1.2, "pb_calc": 2.92, "capex_dep": 2.68, "interest_debt": 69.3, "debt_ebitda": 3.7, "debt_ratio": 39.7, "debt_mv": 18.2, "payout": 73.1, "div_years": 5, "rev_cagr3": -3.6, "np_cagr3": -19.3, "rev_yoy": 41.8, "np_yoy": 135.2, "np_vol": 150.5, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.5, "consensus_n": 1, "fwd_pe": 24.4, "fwd_pe2": 19.2, "fwd_g1": 16.0, "fwd_g2": 27.0, "peg": 0.9, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 116.0, "ret_prev2_year": 1.8, "ret_ytd": 2.4, "ret_pivot": 193.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.2, "ret_60": -13.0, "ret_120": -13.1, "ret_250": -11.6, "mdd_250": -42.0, "vol_250": 62.1, "pos_52w": 63.6}, "S": {"duration": 51, "pricing": 70, "hard": 13, "bondness": 66}, "label": "中性", "tags": ["商品定价", "资本开支扩张期"], "text": {"像什么": ["PE 28.2 倍、股息率 1.6%、毛利率近 5 年中位 10.7%、固定资产占比 8%、有息负债/EBITDA 3.7 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 10.7%),硬资产占比 8%。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 -1.3%(经营现金流/市值 -0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.7%,稳定度 46%,2020→2022 成本通胀期毛利率变化 -1.2 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 8%,资本开支/折旧 2.68 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.2 倍 粗算,约 82%(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 -12%,最大回撤 -42%,年化波动 62%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -9% / -13% / -13%。", "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%。", "盛和资源:PE 比行业中位低 8.7倍;股息率 比行业中位高 1.0个百分点;毛利率 比行业中位低 7.6个百分点;固定资产占比 比行业中位低 13.4个百分点。"]}}