{"F": {"ts_code": "600722.SH", "name": "金牛化工", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学原料", "sw3": "煤化工", "ind": "化学原料", "fin_source": "tushare", "market": "主板", "list_date": "19960626", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 17.2, "pe_ttm": 207.7691, "pb": 9.1158, "dv_ttm": null, "total_mv": 1170149.884, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [8.2, 21.5, 20.3, 18.3, 23.4, 25.4], "rev_series": [4.0, 5.7, 6.6, 5.1, 5.0, 4.7], "np_series": [0.1, 0.5, 0.5, 0.3, 0.5, 0.5], "roe_series": [1.0, 4.6, 4.6, 3.0, 4.5, 3.9], "period": "20260630", "rev_ttm": 4.7, "np_ttm": 0.6, "ocf_ttm": 1.1, "fcf_ttm": 1.1, "fcf_yield": 0.9, "ocf_yield": 0.9, "gm_median": 21.5, "gm_std": 2.4, "gm_stab": 0.89, "gm_chg_2022": 12.2, "npm_median": 16.8, "roe_median": 4.5, "commodity": false, "hard_ratio": 7.5, "fix_assets": 1.2, "goodwill_ratio": 0.0, "pb_calc": 9.12, "capex_dep": 0.21, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 7.4, "debt_mv": 0.0, "payout": null, "div_years": 0, "rev_cagr3": -10.7, "np_cagr3": -1.1, "rev_yoy": 1.9, "np_yoy": 31.4, "np_vol": 154.6, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["化工产品", 32.0], ["化工", 32.0], ["其他业务", 1.0]], "ret_prev_year": 26.9, "ret_prev2_year": -6.2, "ret_ytd": 189.6, "ret_pivot": 362.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 51.1, "ret_60": 59.0, "ret_120": 1.5, "ret_250": 141.6, "mdd_250": -59.8, "vol_250": 73.3, "pos_52w": 89.1}, "S": {"duration": 99, "pricing": 53, "hard": 12, "bondness": 20}, "label": "中性", "tags": [], "text": {"像什么": ["PE 207.8 倍、股息率 —、毛利率近 5 年中位 21.5%、固定资产占比 8%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 8%,毛利率近 5 年中位 21.5%。", "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 0.9%(经营现金流/市值 0.9%)。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 89%,2020→2022 成本通胀期毛利率变化 12.2 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 8%,资本开支/折旧 0.21 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 207.8 倍 粗算,约 98%(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 142%,最大回撤 -60%,年化波动 73%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 51% / 59% / 2%。", "行业对照": ["同申万二级「化学原料」59 家中位:PE 35.9 / 股息率 0.9% / 毛利率 16.8% / 固定资产占比 47% / 分红率 40%。", "金牛化工:PE 比行业中位高 171.9倍;股息率 ;毛利率 比行业中位高 4.7个百分点;固定资产占比 比行业中位低 39.9个百分点。"]}}