{"F": {"ts_code": "603110.SH", "name": "东方材料", "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": "20171013", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 25.9, "pe_ttm": 1325.9336, "pb": 7.4159, "dv_ttm": null, "total_mv": 521177.153, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.3, 26.8, 25.3, 27.7, 27.9, 29.1], "rev_series": [4.1, 4.0, 4.0, 3.9, 4.4, 3.8], "np_series": [0.5, 0.6, 0.2, 0.5, 0.1, -0.1], "roe_series": [7.8, 8.5, 2.9, 7.7, 2.0, -0.9], "period": "20260630", "rev_ttm": 4.0, "np_ttm": 0.0, "ocf_ttm": 0.2, "fcf_ttm": -0.1, "fcf_yield": -0.1, "ocf_yield": 0.3, "gm_median": 27.7, "gm_std": 1.3, "gm_stab": 0.95, "gm_chg_2022": -10.1, "npm_median": 4.9, "roe_median": 2.9, "commodity": false, "hard_ratio": 27.5, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 7.42, "capex_dep": 0.96, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 13.0, "debt_mv": 0.0, "payout": 71.4, "div_years": 3, "rev_cagr3": -2.0, "np_cagr3": null, "rev_yoy": 13.2, "np_yoy": 1573.2, "np_vol": 105.3, "loss_years": 1, "far_share": 100.0, "earn_yield": 0.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["包装油墨", 28.0], ["胶粘剂", 16.0], ["算力服务", 2.0]], "ret_prev_year": 11.9, "ret_prev2_year": -40.3, "ret_ytd": 61.3, "ret_pivot": 189.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.4, "ret_60": 23.2, "ret_120": 52.7, "ret_250": 56.2, "mdd_250": -28.9, "vol_250": 53.4, "pos_52w": 93.2}, "S": {"duration": 100, "pricing": 51, "hard": 44, "bondness": 45}, "label": "中性", "tags": [], "text": {"像什么": ["PE 1325.9 倍、股息率 —、毛利率近 5 年中位 27.7%、固定资产占比 28%、有息负债/EBITDA 0.0 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 28%,毛利率近 5 年中位 27.7%。", "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 0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.7%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -10.1 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 28%,资本开支/折旧 0.96 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 1325.9 倍 粗算,约 100%(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 56%,最大回撤 -29%,年化波动 53%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 1% / 23% / 53%。", "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%。", "东方材料:PE 比行业中位高 1290.0倍;股息率 ;毛利率 比行业中位高 5.4个百分点;固定资产占比 比行业中位低 7.0个百分点。"]}}