{"F": {"ts_code": "603020.SH", "name": "爱普股份", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "食品及饲料添加剂", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "20150325", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.22, "pe_ttm": 60.6898, "pb": 1.1885, "dv_ttm": 0.9785, "total_mv": 383901.8316, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.7, 16.0, 14.4, 14.8, 16.5, 14.9], "rev_series": [26.7, 33.4, 32.0, 27.8, 26.8, 24.7], "np_series": [1.7, 2.0, 1.1, 0.9, 1.6, 0.9], "roe_series": [8.0, 7.7, 3.6, 2.9, 5.0, 2.7], "period": "20260630", "rev_ttm": 25.4, "np_ttm": 0.6, "ocf_ttm": 0.5, "fcf_ttm": 0.2, "fcf_yield": 0.5, "ocf_yield": 1.4, "gm_median": 14.9, "gm_std": 0.8, "gm_stab": 0.95, "gm_chg_2022": -2.3, "npm_median": 4.7, "roe_median": 3.6, "commodity": false, "hard_ratio": 15.6, "fix_assets": 5.7, "goodwill_ratio": 0.0, "pb_calc": 1.19, "capex_dep": 0.54, "interest_debt": 0.6, "debt_ebitda": 0.3, "debt_ratio": 8.1, "debt_mv": 1.6, "payout": 42.5, "div_years": 5, "rev_cagr3": -8.3, "np_cagr3": -7.6, "rev_yoy": 5.5, "np_yoy": -28.3, "np_vol": 45.8, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.6, "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], ["食品配料", 32.0], ["香精", 14.0], ["香料", 3.0]], "ret_prev_year": 34.6, "ret_prev2_year": -6.5, "ret_ytd": 1.8, "ret_pivot": 70.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.1, "ret_60": -13.0, "ret_120": -6.2, "ret_250": 14.3, "mdd_250": -39.3, "vol_250": 52.8, "pos_52w": 68.5}, "S": {"duration": 78, "pricing": 46, "hard": 25, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 60.7 倍、股息率 1.0%、毛利率近 5 年中位 14.9%、固定资产占比 16%、有息负债/EBITDA 0.3 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 16%,毛利率近 5 年中位 14.9%。", "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 0.5%(经营现金流/市值 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.9%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -2.3 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 16%,资本开支/折旧 0.54 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 60.7 倍 粗算,约 92%(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 14%,最大回撤 -39%,年化波动 53%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 2% / -13% / -6%。", "行业对照": ["同申万二级「化学制品」188 家中位:PE 35.9 / 股息率 1.1% / 毛利率 22.3% / 固定资产占比 34% / 分红率 41%。", "爱普股份:PE 比行业中位高 24.8倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 7.4个百分点;固定资产占比 比行业中位低 18.9个百分点。"]}}