{"F": {"ts_code": "603072.SH", "name": "天和磁材", "mkt": "CN", "ccy": "元", "sw1": "有色金属", "sw2": "金属新材料", "sw3": "磁性材料", "ind": "金属新材料", "fin_source": "tushare", "market": "主板", "list_date": "20250103", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 31.61, "pe_ttm": 44.5432, "pb": 3.8049, "dv_ttm": 0.7909, "total_mv": 835389.08, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.2, 16.7, 15.9, 14.4, 13.1, 14.1], "rev_series": [null, null, 28.8, 26.5, 25.9, 23.4], "np_series": [null, null, 2.2, 1.7, 1.4, 1.6], "roe_series": [23.3, 19.7, 24.5, 15.2, 8.4, 7.6], "period": "20260630", "rev_ttm": 27.0, "np_ttm": 1.9, "ocf_ttm": 2.4, "fcf_ttm": 1.4, "fcf_yield": 1.7, "ocf_yield": 2.9, "gm_median": 14.4, "gm_std": 1.3, "gm_stab": 0.91, "gm_chg_2022": -2.3, "npm_median": 6.9, "roe_median": 15.2, "commodity": false, "hard_ratio": 17.3, "fix_assets": 5.3, "goodwill_ratio": 0.0, "pb_calc": 3.8, "capex_dep": 1.57, "interest_debt": 3.5, "debt_ebitda": 1.5, "debt_ratio": 27.8, "debt_mv": 4.2, "payout": 31.4, "div_years": 2, "rev_cagr3": -6.7, "np_cagr3": -10.2, "rev_yoy": 37.4, "np_yoy": 49.4, "np_vol": 28.9, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "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], ["稀土永磁", 43.0], ["其他业务", 7.0], ["设备", 0.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -21.8, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.6, "ret_60": -11.9, "ret_120": -20.4, "ret_250": -45.1, "mdd_250": -47.5, "vol_250": 36.7, "pos_52w": 55.3}, "S": {"duration": 67, "pricing": 45, "hard": 28, "bondness": 40}, "label": "中性", "tags": [], "text": {"像什么": ["PE 44.5 倍、股息率 0.8%、毛利率近 5 年中位 14.4%、固定资产占比 17%、有息负债/EBITDA 1.5 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 17%,毛利率近 5 年中位 14.4%。", "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 1.7%(经营现金流/市值 2.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.4%,稳定度 91%,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 17%,资本开支/折旧 1.57 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 44.5 倍 粗算,约 89%(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 -45%,最大回撤 -48%,年化波动 37%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -4% / -12% / -20%。", "行业对照": ["同申万二级「金属新材料」35 家中位:PE 58.5 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 35%。", "天和磁材:PE 比行业中位低 14.0倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位低 3.4个百分点;固定资产占比 比行业中位低 5.6个百分点。"]}}