{"F": {"ts_code": "603155.SH", "name": "新亚强", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "有机硅", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "20200901", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 13.47, "pe_ttm": 64.8411, "pb": 2.7474, "dv_ttm": 2.56, "total_mv": 616779.0423, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.3, 42.9, 30.7, 24.5, 20.7, 20.5], "rev_series": [4.9, 8.8, 11.3, 6.8, 7.2, 5.9], "np_series": [1.6, 3.2, 3.0, 1.2, 1.1, 0.8], "roe_series": [12.0, 15.3, 13.3, 5.4, 5.1, 3.7], "period": "20260630", "rev_ttm": 6.8, "np_ttm": 1.0, "ocf_ttm": 1.0, "fcf_ttm": 0.6, "fcf_yield": 0.9, "ocf_yield": 1.6, "gm_median": 24.5, "gm_std": 8.4, "gm_stab": 0.66, "gm_chg_2022": -10.5, "npm_median": 18.2, "roe_median": 5.4, "commodity": false, "hard_ratio": 18.3, "fix_assets": 4.6, "goodwill_ratio": 0.0, "pb_calc": 2.75, "capex_dep": 0.87, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 10.3, "debt_mv": null, "payout": 193.4, "div_years": 4, "rev_cagr3": -19.5, "np_cagr3": -35.3, "rev_yoy": 27.3, "np_yoy": 22.4, "np_vol": 54.8, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["功能性助剂", 82.0], ["苯基硅烷系列", 7.0], ["苯基氯硅烷", 7.0], ["其他业务", 3.0]], "ret_prev_year": 33.7, "ret_prev2_year": -21.7, "ret_ytd": 16.4, "ret_pivot": 99.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.3, "ret_60": -21.1, "ret_120": 18.1, "ret_250": 16.0, "mdd_250": -42.8, "vol_250": 58.5, "pos_52w": 65.4}, "S": {"duration": 80, "pricing": 39, "hard": 29, "bondness": 73}, "label": "中性", "tags": [], "text": {"像什么": ["PE 64.8 倍、股息率 2.6%、毛利率近 5 年中位 24.5%、固定资产占比 18%、资产负债率 10%: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 18%,毛利率近 5 年中位 24.5%。", "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 0.9%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.5%,稳定度 66%,2020→2022 成本通胀期毛利率变化 -10.5 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 18%,资本开支/折旧 0.87 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 64.8 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 16%,最大回撤 -43%,年化波动 58%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -4% / -21% / 18%。", "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%。", "新亚强:PE 比行业中位高 28.9倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位高 2.2个百分点;固定资产占比 比行业中位低 16.2个百分点。"]}}