{"F": {"ts_code": "600486.SH", "name": "扬农化工", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "农化制品", "sw3": "农药", "ind": "农化制品", "fin_source": "tushare", "market": "主板", "list_date": "20020425", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 55.86, "pe_ttm": 17.7756, "pb": 1.8874, "dv_ttm": 1.7092, "total_mv": 2257369.0734, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.3, 23.1, 25.7, 25.6, 23.1, 22.0], "rev_series": [98.3, 118.4, 158.1, 114.8, 104.3, 118.7], "np_series": [12.1, 12.2, 17.9, 15.7, 12.0, 12.9], "roe_series": [22.0, 19.0, 23.2, 17.2, 11.9, 11.7], "period": "20260630", "rev_ttm": 122.4, "np_ttm": 12.7, "ocf_ttm": 19.3, "fcf_ttm": 10.6, "fcf_yield": 4.7, "ocf_yield": 8.5, "gm_median": 23.1, "gm_std": 1.5, "gm_stab": 0.94, "gm_chg_2022": -0.6, "npm_median": 11.4, "roe_median": 17.2, "commodity": false, "hard_ratio": 36.0, "fix_assets": 67.4, "goodwill_ratio": 0.1, "pb_calc": 1.89, "capex_dep": 1.04, "interest_debt": 2.0, "debt_ebitda": 0.1, "debt_ratio": 36.0, "debt_mv": 0.9, "payout": 22.8, "div_years": 5, "rev_cagr3": -9.1, "np_cagr3": -10.5, "rev_yoy": 6.0, "np_yoy": -2.0, "np_vol": 24.0, "loss_years": 0, "far_share": 72.0, "earn_yield": 5.6, "consensus_n": 29, "fwd_pe": 14.6, "fwd_pe2": 12.5, "fwd_g1": 21.0, "fwd_g2": 17.0, "peg": 0.86, "consensus_disp": null, "mainbz": [["产品", 49.0], ["原药", 31.0], ["贸易", 10.0], ["制剂", 8.0]], "ret_prev_year": 22.1, "ret_prev2_year": -7.2, "ret_ytd": -18.7, "ret_pivot": 23.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.3, "ret_60": 5.2, "ret_120": -32.9, "ret_250": -20.5, "mdd_250": -42.8, "vol_250": 42.2, "pos_52w": 65.9}, "S": {"duration": 36, "pricing": 52, "hard": 58, "bondness": 39}, "label": "中性", "tags": [], "text": {"像什么": ["PE 17.8 倍、股息率 1.7%、毛利率近 5 年中位 23.1%、固定资产占比 36%、有息负债/EBITDA 0.1 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 36%),没有定价权:毛利率近 5 年中位 23.1%,稳定度 94%。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 4.7%(经营现金流/市值 8.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.1%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -0.6 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 36%,资本开支/折旧 1.04 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.8 倍 粗算,约 72%(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 -43%,年化波动 42%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 1% / 5% / -33%。", "行业对照": ["同申万二级「农化制品」62 家中位:PE 20.8 / 股息率 2.0% / 毛利率 19.9% / 固定资产占比 36% / 分红率 45%。", "扬农化工:PE 比行业中位低 3.0倍;股息率 比行业中位低 0.3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 0.4个百分点。"]}}