{"F": {"ts_code": "600929.SH", "name": "雪天盐业", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学原料", "sw3": "无机盐", "ind": "化学原料", "fin_source": "tushare", "market": "主板", "list_date": "20180326", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": null, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": null, "trade_date": null, "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.5, 29.8, 34.2, 31.1, 26.6, 22.5], "rev_series": [21.6, 47.8, 64.4, 62.6, 53.9, 54.2], "np_series": [1.5, 4.0, 7.7, 7.1, 3.0, 0.8], "roe_series": [5.6, 10.3, 13.7, 10.2, 4.0, 1.0], "period": "20260630", "rev_ttm": 58.0, "np_ttm": 0.9, "ocf_ttm": 7.1, "fcf_ttm": 1.4, "fcf_yield": null, "ocf_yield": null, "gm_median": 29.8, "gm_std": 4.0, "gm_stab": 0.87, "gm_chg_2022": 2.6, "npm_median": 9.2, "roe_median": 10.2, "commodity": false, "hard_ratio": 41.8, "fix_assets": 54.9, "goodwill_ratio": 0.9, "pb_calc": null, "capex_dep": 1.05, "interest_debt": 12.2, "debt_ebitda": 1.5, "debt_ratio": 33.4, "debt_mv": null, "payout": 44.1, "div_years": 5, "rev_cagr3": -5.6, "np_cagr3": -53.6, "rev_yoy": -2.9, "np_yoy": -9.2, "np_vol": 75.4, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 2.7, "ret_prev2_year": -10.7, "ret_ytd": 7.2, "ret_pivot": 21.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 13.3, "ret_60": 20.8, "ret_120": -6.0, "ret_250": 10.1, "mdd_250": -37.2, "vol_250": 36.8, "pos_52w": 83.6}, "S": {"duration": 100, "pricing": 55, "hard": 67, "bondness": 40}, "label": "中性", "tags": [], "text": {"像什么": ["PE —、股息率 —、毛利率近 5 年中位 29.8%、固定资产占比 42%、有息负债/EBITDA 1.5 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 42%),没有定价权:毛利率近 5 年中位 29.8%,稳定度 87%。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?", "经营现金流/市值 —(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.8%,稳定度 87%,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 42%,资本开支/折旧 1.05 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 10%,最大回撤 -37%,年化波动 37%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 13% / 21% / -6%。", "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%。", "雪天盐业:PE ;股息率 ;毛利率 比行业中位高 13.0个百分点;固定资产占比 比行业中位低 5.6个百分点。"]}}