{"F": {"ts_code": "601117.SH", "name": "中国化学", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "专业工程", "sw3": "化学工程", "ind": "专业工程", "fin_source": "tushare", "market": "主板", "list_date": "20100107", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.42, "pe_ttm": 6.9914, "pb": 0.6434, "dv_ttm": 2.8439, "total_mv": 4530326.0394, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.0, 9.5, 9.3, 9.4, 10.1, 10.7], "rev_series": [1094.6, 1372.9, 1577.2, 1783.6, 1858.4, 1895.0], "np_series": [36.6, 46.3, 54.2, 54.3, 56.9, 64.4], "roe_series": [10.1, 10.8, 10.7, 9.8, 9.5, 9.9], "period": "20260630", "rev_ttm": 1904.5, "np_ttm": 64.8, "ocf_ttm": 115.6, "fcf_ttm": 95.9, "fcf_yield": 21.2, "ocf_yield": 25.5, "gm_median": 9.5, "gm_std": 0.5, "gm_stab": 0.94, "gm_chg_2022": -1.7, "npm_median": 3.6, "roe_median": 9.9, "commodity": false, "hard_ratio": 9.7, "fix_assets": 245.2, "goodwill_ratio": 0.0, "pb_calc": 0.64, "capex_dep": 1.56, "interest_debt": 218.0, "debt_ebitda": 2.0, "debt_ratio": 69.3, "debt_mv": 48.1, "payout": 20.0, "div_years": 5, "rev_cagr3": 6.3, "np_cagr3": 5.9, "rev_yoy": 1.1, "np_yoy": 1.4, "np_vol": 9.3, "loss_years": 0, "far_share": 28.0, "earn_yield": 14.3, "consensus_n": 18, "fwd_pe": 6.5, "fwd_pe2": 6.0, "fwd_g1": 8.0, "fwd_g2": 8.0, "peg": 0.81, "consensus_disp": null, "mainbz": [["产品", 50.0], ["工程业务", 46.0], ["实业业务", 3.0], ["现代服务业", 1.0]], "ret_prev_year": -7.3, "ret_prev2_year": 36.4, "ret_ytd": 1.4, "ret_pivot": 22.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.1, "ret_60": 2.6, "ret_120": -26.0, "ret_250": -6.3, "mdd_250": -29.3, "vol_250": 32.9, "pos_52w": 74.0}, "S": {"duration": 16, "pricing": 44, "hard": 16, "bondness": 44}, "label": "中性", "tags": [], "text": {"像什么": ["PE 7.0 倍、股息率 2.8%、毛利率近 5 年中位 9.5%、固定资产占比 10%、有息负债/EBITDA 2.0 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 10%,毛利率近 5 年中位 9.5%。", "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 21.2%(经营现金流/市值 25.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.5%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -1.7 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 10%,资本开支/折旧 1.56 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.0 倍 粗算,约 28%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -6%,最大回撤 -29%,年化波动 33%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 -3% / 3% / -26%。", "行业对照": ["同申万二级「专业工程」39 家中位:PE 40.2 / 股息率 1.1% / 毛利率 13.6% / 固定资产占比 10% / 分红率 38%。", "中国化学:PE 比行业中位低 33.2倍;股息率 比行业中位高 1.7个百分点;毛利率 比行业中位低 4.1个百分点;固定资产占比 比行业中位低 0.6个百分点。"]}}