{"F": {"ts_code": "603227.SH", "name": "雪峰科技", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "民爆制品", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "20150515", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.7, "pe_ttm": 15.6764, "pb": 1.5646, "dv_ttm": 1.9481, "total_mv": 825203.379, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.4, 19.2, 29.2, 23.4, 23.2, 22.3], "rev_series": [20.3, 26.1, 69.0, 70.2, 61.0, 55.6], "np_series": [1.1, 1.5, 6.7, 8.5, 6.7, 5.0], "roe_series": [8.1, 9.9, 27.1, 21.9, 14.2, 10.0], "period": "20260630", "rev_ttm": 54.2, "np_ttm": 5.2, "ocf_ttm": 3.0, "fcf_ttm": 1.2, "fcf_yield": 1.4, "ocf_yield": 3.6, "gm_median": 23.2, "gm_std": 3.2, "gm_stab": 0.86, "gm_chg_2022": 8.8, "npm_median": 12.4, "roe_median": 14.2, "commodity": false, "hard_ratio": 36.2, "fix_assets": 32.0, "goodwill_ratio": 2.8, "pb_calc": 1.56, "capex_dep": 0.43, "interest_debt": 10.2, "debt_ebitda": 0.8, "debt_ratio": 29.6, "debt_mv": 12.4, "payout": 31.9, "div_years": 5, "rev_cagr3": -6.9, "np_cagr3": -8.9, "rev_yoy": -6.0, "np_yoy": 9.8, "np_vol": 30.9, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.4, "consensus_n": 2, "fwd_pe": 10.4, "fwd_pe2": 8.9, "fwd_g1": 51.0, "fwd_g2": 18.0, "peg": 0.58, "consensus_disp": null, "mainbz": [["化工产品", 32.0], ["化工", 32.0], ["爆破服务", 22.0], ["商品贸易", 4.0]], "ret_prev_year": -2.0, "ret_prev2_year": 32.4, "ret_ytd": -5.8, "ret_pivot": 13.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.1, "ret_60": -1.8, "ret_120": -14.0, "ret_250": -22.3, "mdd_250": -32.7, "vol_250": 28.0, "pos_52w": 74.5}, "S": {"duration": 32, "pricing": 53, "hard": 58, "bondness": 45}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 15.7 倍、股息率 1.9%、毛利率近 5 年中位 23.2%、固定资产占比 36%、有息负债/EBITDA 0.8 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 36%),没有定价权:毛利率近 5 年中位 23.2%,稳定度 86%。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 1.4%(经营现金流/市值 3.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.2%,稳定度 86%,2020→2022 成本通胀期毛利率变化 8.8 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 36%,资本开支/折旧 0.43 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.7 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -22%,最大回撤 -33%,年化波动 28%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 -0% / -2% / -14%。", "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%。", "雪峰科技:PE 比行业中位低 20.2倍;股息率 比行业中位高 0.8个百分点;毛利率 比行业中位高 0.9个百分点;固定资产占比 比行业中位高 1.7个百分点。"]}}