{"F": {"ts_code": "603062.SH", "name": "麦加芯彩", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "涂料油墨", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "20231107", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 38.18, "pe_ttm": 29.8864, "pb": 2.0355, "dv_ttm": 4.4125, "total_mv": 412344.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.7, 31.6, 31.7, 30.3, 20.7, 23.8], "rev_series": [null, null, 13.9, 11.4, 21.4, 17.1], "np_series": [null, null, 2.6, 1.7, 2.1, 2.1], "roe_series": [67.0, 85.6, 45.2, 12.1, 10.1, 10.1], "period": "20260630", "rev_ttm": 16.6, "np_ttm": 1.4, "ocf_ttm": 0.2, "fcf_ttm": -1.0, "fcf_yield": -2.4, "ocf_yield": 0.4, "gm_median": 30.3, "gm_std": 4.5, "gm_stab": 0.85, "gm_chg_2022": -8.0, "npm_median": 14.6, "roe_median": 12.1, "commodity": false, "hard_ratio": 11.6, "fix_assets": 3.4, "goodwill_ratio": 0.0, "pb_calc": 2.04, "capex_dep": 4.1, "interest_debt": 0.7, "debt_ebitda": 0.4, "debt_ratio": 30.7, "debt_mv": 1.8, "payout": 86.4, "div_years": 3, "rev_cagr3": 7.3, "np_cagr3": -6.8, "rev_yoy": -6.0, "np_yoy": -65.6, "np_vol": 42.6, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.3, "consensus_n": 12, "fwd_pe": 20.0, "fwd_pe2": 15.0, "fwd_g1": 50.0, "fwd_g2": 33.0, "peg": 0.61, "consensus_disp": null, "mainbz": [["海洋装备行业涂料", 59.0], ["新能源行业涂料", 40.0], ["基础设施行业涂料", 0.0], ["废料销售", 0.0]], "ret_prev_year": 39.3, "ret_prev2_year": -42.6, "ret_ytd": -17.4, "ret_pivot": 53.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.3, "ret_60": -11.4, "ret_120": -30.9, "ret_250": -28.6, "mdd_250": -39.1, "vol_250": 36.6, "pos_52w": 68.3}, "S": {"duration": 53, "pricing": 49, "hard": 19, "bondness": 71}, "label": "现金流红利", "tags": ["资本开支扩张期", "股息率≥4%", "PEG<0.8"], "text": {"像什么": ["分红率 86%、股息率 4.4%、营收 3 年复合 7.3%、有息负债/EBITDA 0.4 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 30.3%),硬资产占比 12%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -2.4%(经营现金流/市值 0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.3%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -8.0 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 12%,资本开支/折旧 4.10 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.9 倍 粗算,约 83%(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 -29%,最大回撤 -39%,年化波动 37%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 0% / -11% / -31%。", "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%。", "麦加芯彩:PE 比行业中位低 6.0倍;股息率 比行业中位高 3.3个百分点;毛利率 比行业中位高 8.0个百分点;固定资产占比 比行业中位低 22.9个百分点。"]}}