{"F": {"ts_code": "603078.SH", "name": "江化微", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "电子化学品Ⅱ", "sw3": "电子化学品Ⅲ", "ind": "电子化学品Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20170410", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 31.53, "pe_ttm": 117.2778, "pb": 6.1077, "dv_ttm": 0.2854, "total_mv": 1215914.0916, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.8, 22.2, 27.8, 26.1, 25.3, 27.4], "rev_series": [5.6, 7.9, 9.4, 10.3, 11.0, 12.3], "np_series": [0.6, 0.6, 1.1, 1.1, 1.0, 1.0], "roe_series": [6.1, 5.0, 7.6, 6.4, 5.6, 5.4], "period": "20260630", "rev_ttm": 13.3, "np_ttm": 1.0, "ocf_ttm": 1.8, "fcf_ttm": 0.1, "fcf_yield": 0.1, "ocf_yield": 1.5, "gm_median": 26.1, "gm_std": 2.0, "gm_stab": 0.92, "gm_chg_2022": 1.9, "npm_median": 7.4, "roe_median": 5.6, "commodity": false, "hard_ratio": 48.4, "fix_assets": 13.5, "goodwill_ratio": 0.0, "pb_calc": 6.11, "capex_dep": 1.28, "interest_debt": 4.6, "debt_ebitda": 1.8, "debt_ratio": 28.4, "debt_mv": 3.8, "payout": 33.1, "div_years": 5, "rev_cagr3": 9.5, "np_cagr3": -0.3, "rev_yoy": 17.2, "np_yoy": -2.4, "np_vol": 35.5, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.9, "consensus_n": 3, "fwd_pe": 93.7, "fwd_pe2": 76.9, "fwd_g1": 25.0, "fwd_g2": 22.0, "peg": 4.26, "consensus_disp": null, "mainbz": [["产品", 34.0], ["主营业务", 33.0], ["超净高纯试剂", 21.0], ["光刻胶配套试剂", 12.0]], "ret_prev_year": 7.2, "ret_prev2_year": 5.3, "ret_ytd": 77.2, "ret_pivot": 175.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.3, "ret_60": -31.9, "ret_120": 36.1, "ret_250": 60.3, "mdd_250": -53.8, "vol_250": 62.3, "pos_52w": 54.6}, "S": {"duration": 95, "pricing": 54, "hard": 77, "bondness": 29}, "label": "中性", "tags": [], "text": {"像什么": ["PE 117.3 倍、股息率 0.3%、毛利率近 5 年中位 26.1%、固定资产占比 48%、有息负债/EBITDA 1.8 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 48%),没有定价权:毛利率近 5 年中位 26.1%,稳定度 92%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 0.1%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.1%,稳定度 92%,2020→2022 成本通胀期毛利率变化 1.9 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 48%,资本开支/折旧 1.28 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 117.3 倍 粗算,约 96%(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 60%,最大回撤 -54%,年化波动 62%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -13% / -32% / 36%。", "行业对照": ["同申万二级「电子化学品Ⅱ」36 家中位:PE 93.9 / 股息率 0.4% / 毛利率 29.9% / 固定资产占比 33% / 分红率 44%。", "江化微:PE 比行业中位高 23.4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 3.8个百分点;固定资产占比 比行业中位高 15.5个百分点。"]}}