{"F": {"ts_code": "600456.SH", "name": "宝钛股份", "mkt": "CN", "ccy": "元", "sw1": "有色金属", "sw2": "小金属", "sw3": "其他小金属", "ind": "小金属", "fin_source": "tushare", "market": "主板", "list_date": "20020412", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 26.75, "pe_ttm": 37.469, "pb": 1.7779, "dv_ttm": 1.1215, "total_mv": 1278054.8125, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.3, 23.3, 21.6, 21.2, 21.5, 19.9], "rev_series": [43.4, 52.5, 66.3, 69.3, 66.6, 61.2], "np_series": [3.6, 5.6, 5.6, 5.4, 5.8, 4.0], "roe_series": [9.4, 11.2, 9.1, 8.6, 8.5, 5.7], "period": "20260630", "rev_ttm": 61.6, "np_ttm": 3.4, "ocf_ttm": -0.2, "fcf_ttm": -4.2, "fcf_yield": -3.3, "ocf_yield": -0.1, "gm_median": 21.5, "gm_std": 1.1, "gm_stab": 0.95, "gm_chg_2022": -2.6, "npm_median": 10.1, "roe_median": 8.6, "commodity": true, "hard_ratio": 22.3, "fix_assets": 43.0, "goodwill_ratio": 0.0, "pb_calc": 1.76, "capex_dep": 1.5, "interest_debt": 67.7, "debt_ebitda": 7.5, "debt_ratio": 57.1, "debt_mv": 53.0, "payout": 32.3, "div_years": 5, "rev_cagr3": -2.6, "np_cagr3": -10.4, "rev_yoy": 1.2, "np_yoy": -29.1, "np_vol": 27.5, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.7, "consensus_n": 2, "fwd_pe": 28.5, "fwd_pe2": 23.7, "fwd_g1": 32.0, "fwd_g2": 20.0, "peg": 1.43, "consensus_disp": null, "mainbz": [["产品", 50.0], ["钛产品", 44.0], ["其他金属产品", 4.0], ["其他业务", 3.0]], "ret_prev_year": 41.0, "ret_prev2_year": -8.5, "ret_ytd": -31.7, "ret_pivot": 7.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.5, "ret_60": -6.5, "ret_120": -27.3, "ret_250": -20.3, "mdd_250": -40.6, "vol_250": 39.7, "pos_52w": 60.7}, "S": {"duration": 61, "pricing": 70, "hard": 36, "bondness": 53}, "label": "中性", "tags": ["商品定价"], "text": {"像什么": ["PE 37.5 倍、股息率 1.1%、毛利率近 5 年中位 21.5%、固定资产占比 22%、有息负债/EBITDA 7.5 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 21.5%),硬资产占比 22%。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 -3.3%(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 21.5%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -2.6 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 22%,资本开支/折旧 1.50 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 37.5 倍 粗算,约 87%(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 -20%,最大回撤 -41%,年化波动 40%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -6% / -6% / -27%。", "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%。", "宝钛股份:PE 比行业中位高 0.6倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 3.2个百分点;固定资产占比 比行业中位高 0.6个百分点。"]}}