{"F": {"ts_code": "600768.SH", "name": "富邦新材", "mkt": "CN", "ccy": "元", "sw1": "有色金属", "sw2": "工业金属", "sw3": "铝", "ind": "工业金属", "fin_source": "tushare", "market": "主板", "list_date": "19961111", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.01, "pe_ttm": 18.6888, "pb": 4.1692, "dv_ttm": 0.3331, "total_mv": 200754.5472, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [7.5, 7.0, 1.9, 1.4, 8.5, 9.5], "rev_series": [4.9, 4.2, 3.0, 3.3, 10.4, 11.6], "np_series": [-0.1, 0.0, 1.7, 0.2, 0.0, 0.6], "roe_series": [-2.7, 1.6, 55.9, 3.9, 0.4, 14.5], "period": "20260630", "rev_ttm": 16.5, "np_ttm": 1.1, "ocf_ttm": -3.6, "fcf_ttm": -3.6, "fcf_yield": -18.1, "ocf_yield": -17.7, "gm_median": 7.0, "gm_std": 3.4, "gm_stab": 0.52, "gm_chg_2022": -5.6, "npm_median": 4.8, "roe_median": 3.9, "commodity": true, "hard_ratio": 3.0, "fix_assets": 0.4, "goodwill_ratio": 0.0, "pb_calc": 4.17, "capex_dep": 1.26, "interest_debt": 3.0, "debt_ebitda": 2.0, "debt_ratio": 51.5, "debt_mv": 15.0, "payout": 755.7, "div_years": 2, "rev_cagr3": 56.3, "np_cagr3": -30.1, "rev_yoy": 91.0, "np_yoy": 504.5, "np_vol": 2086.9, "loss_years": 0, "far_share": 73.0, "earn_yield": 5.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["电触点及组件", 81.0], ["铝铸棒贸易", 19.0], ["其他业务", 0.0]], "ret_prev_year": 66.7, "ret_prev2_year": -28.2, "ret_ytd": 7.6, "ret_pivot": 107.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.2, "ret_60": -0.3, "ret_120": -13.4, "ret_250": 17.7, "mdd_250": -35.2, "vol_250": 39.5, "pos_52w": 77.9}, "S": {"duration": 37, "pricing": 70, "hard": 5, "bondness": 43}, "label": "中性", "tags": ["商品定价"], "text": {"像什么": ["PE 18.7 倍、股息率 0.3%、毛利率近 5 年中位 7.0%、固定资产占比 3%、有息负债/EBITDA 2.0 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 7.0%),硬资产占比 3%。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 -18.1%(经营现金流/市值 -17.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.0%,稳定度 52%,2020→2022 成本通胀期毛利率变化 -5.6 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 3%,资本开支/折旧 1.26 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.7 倍 粗算,约 73%(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 -35%,年化波动 40%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 2% / -0% / -13%。", "行业对照": ["同申万二级「工业金属」60 家中位:PE 20.5 / 股息率 1.1% / 毛利率 10.8% / 固定资产占比 28% / 分红率 32%。", "富邦新材:PE 比行业中位低 1.8倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位低 3.8个百分点;固定资产占比 比行业中位低 24.5个百分点。"]}}