{"F": {"ts_code": "601112.SH", "name": "振石股份", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "玻璃玻纤", "sw3": "玻纤制造", "ind": "玻璃玻纤", "fin_source": "tushare", "market": "主板", "list_date": "20260129", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.47, "pe_ttm": 33.8729, "pb": 4.1042, "dv_ttm": 1.1118, "total_mv": 2692346.8208, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.3, 26.4, 26.6, 22.7], "rev_series": [52.7, 51.2, 44.4, 72.0], "np_series": [7.7, 7.9, 6.1, 7.3], "roe_series": [34.5, 33.9, 22.8, 22.3], "period": "20260630", "rev_ttm": 77.5, "np_ttm": 7.9, "ocf_ttm": 8.4, "fcf_ttm": 5.8, "fcf_yield": 2.1, "ocf_yield": 3.1, "gm_median": 25.3, "gm_std": 1.6, "gm_stab": 0.94, "gm_chg_2022": null, "npm_median": 14.3, "roe_median": 28.4, "commodity": false, "hard_ratio": 28.6, "fix_assets": 36.2, "goodwill_ratio": 0.0, "pb_calc": 4.1, "capex_dep": 0.73, "interest_debt": 25.4, "debt_ebitda": 1.9, "debt_ratio": 48.2, "debt_mv": 9.4, "payout": 34.4, "div_years": 1, "rev_cagr3": 11.0, "np_cagr3": -1.8, "rev_yoy": 16.7, "np_yoy": 15.1, "np_vol": 18.2, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.0, "consensus_n": 1, "fwd_pe": 30.3, "fwd_pe2": 25.8, "fwd_g1": 12.0, "fwd_g2": 18.0, "peg": 1.68, "consensus_disp": null, "mainbz": [["清洁能源功能材料", 93.0], ["其他纤维增强材料", 6.0], ["其他业务", 1.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.4, "ret_60": -7.4, "ret_120": -27.9, "ret_250": null, "mdd_250": -40.8, "vol_250": 42.3, "pos_52w": 62.9}, "S": {"duration": 57, "pricing": 53, "hard": 46, "bondness": 33}, "label": "中性", "tags": [], "text": {"像什么": ["PE 33.9 倍、股息率 1.1%、毛利率近 5 年中位 25.3%、固定资产占比 29%、有息负债/EBITDA 1.9 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 29%,毛利率近 5 年中位 25.3%。", "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 2.1%(经营现金流/市值 3.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.3%,稳定度 94%。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 29%,资本开支/折旧 0.73 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 33.9 倍 粗算,约 85%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "行业对照": ["同申万二级「玻璃玻纤」16 家中位:PE 68.1 / 股息率 0.7% / 毛利率 22.1% / 固定资产占比 53% / 分红率 37%。", "振石股份:PE 比行业中位低 34.2倍;股息率 比行业中位高 0.4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 比行业中位低 24.6个百分点。"]}}