{"F": {"ts_code": "603172.SH", "name": "万丰股份", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "纺织化学制品", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "20230510", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 18.87, "pe_ttm": 44.8115, "pb": 2.2443, "dv_ttm": 0.371, "total_mv": 251688.06, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.8, 30.0, 26.5, 24.6, 23.2, 26.7], "rev_series": [5.2, 5.6, 5.5, 5.0, 5.4, 5.5], "np_series": [0.9, 0.8, 0.7, 0.4, 0.4, 0.5], "roe_series": [19.5, 15.0, 12.4, 5.0, 3.7, 4.5], "period": "20260630", "rev_ttm": 6.2, "np_ttm": 0.6, "ocf_ttm": -0.1, "fcf_ttm": -0.7, "fcf_yield": -2.8, "ocf_yield": -0.4, "gm_median": 26.5, "gm_std": 2.3, "gm_stab": 0.91, "gm_chg_2022": -6.3, "npm_median": 8.9, "roe_median": 5.0, "commodity": false, "hard_ratio": 26.3, "fix_assets": 4.3, "goodwill_ratio": 0.0, "pb_calc": 2.24, "capex_dep": 2.02, "interest_debt": 1.5, "debt_ebitda": 1.4, "debt_ratio": 31.4, "debt_mv": 5.9, "payout": 29.4, "div_years": 3, "rev_cagr3": 0.4, "np_cagr3": -10.6, "rev_yoy": 24.2, "np_yoy": 31.4, "np_vol": 21.1, "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], ["分散染料及原染料收入", 49.0], ["其他收入", 1.0]], "ret_prev_year": 36.4, "ret_prev2_year": -25.2, "ret_ytd": 6.4, "ret_pivot": 59.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.8, "ret_60": 2.4, "ret_120": -15.0, "ret_250": 7.5, "mdd_250": -53.3, "vol_250": 44.7, "pos_52w": 60.8}, "S": {"duration": 67, "pricing": 49, "hard": 42, "bondness": 36}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 44.8 倍、股息率 0.4%、毛利率近 5 年中位 26.5%、固定资产占比 26%、有息负债/EBITDA 1.4 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 26%,毛利率近 5 年中位 26.5%。", "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 -2.8%(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 26.5%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -6.3 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 26%,资本开支/折旧 2.02 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 44.8 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 8%,最大回撤 -53%,年化波动 45%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 12% / 2% / -15%。", "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%。", "万丰股份:PE 比行业中位高 8.9倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位高 4.2个百分点;固定资产占比 比行业中位低 8.2个百分点。"]}}