{"F": {"ts_code": "603310.SH", "name": "巍华新材", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "氟化工", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "20240814", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.42, "pe_ttm": 31.6365, "pb": 1.2358, "dv_ttm": 1.387, "total_mv": 497980.28, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.6, 42.2, 47.4, 45.6, 31.1, 24.0], "rev_series": [null, null, 17.8, 14.9, 11.1, 9.1], "np_series": [null, null, 6.2, 5.0, 2.5, 1.7], "roe_series": [28.1, 37.1, 36.0, 22.4, 7.9, 4.2], "period": "20260630", "rev_ttm": 11.7, "np_ttm": 1.6, "ocf_ttm": 0.4, "fcf_ttm": -2.6, "fcf_yield": -5.3, "ocf_yield": 0.7, "gm_median": 42.2, "gm_std": 9.0, "gm_stab": 0.79, "gm_chg_2022": -0.2, "npm_median": 30.3, "roe_median": 22.4, "commodity": false, "hard_ratio": 31.6, "fix_assets": 17.7, "goodwill_ratio": 0.0, "pb_calc": 1.24, "capex_dep": 2.45, "interest_debt": 2.0, "debt_ebitda": 0.7, "debt_ratio": 24.6, "debt_mv": 4.1, "payout": 60.2, "div_years": 2, "rev_cagr3": -19.9, "np_cagr3": -35.2, "rev_yoy": 59.8, "np_yoy": -14.2, "np_vol": 74.3, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "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], ["三氟甲基苯系列", 22.0], ["原药及制剂类", 17.0], ["三氟甲基吡啶系列", 5.0]], "ret_prev_year": -7.5, "ret_prev2_year": null, "ret_ytd": -13.2, "ret_pivot": 2.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.5, "ret_60": -7.0, "ret_120": -15.8, "ret_250": -21.2, "mdd_250": -23.4, "vol_250": 22.9, "pos_52w": 78.5}, "S": {"duration": 55, "pricing": 56, "hard": 51, "bondness": 51}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 31.6 倍、股息率 1.4%、毛利率近 5 年中位 42.2%、固定资产占比 32%、有息负债/EBITDA 0.7 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 32%),没有定价权:毛利率近 5 年中位 42.2%,稳定度 79%。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 -5.3%(经营现金流/市值 0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.2%,稳定度 79%,2020→2022 成本通胀期毛利率变化 -0.2 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 32%,资本开支/折旧 2.45 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.6 倍 粗算,约 84%(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 -21%,最大回撤 -23%,年化波动 23%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 -2% / -7% / -16%。", "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%。", "巍华新材:PE 比行业中位低 4.3倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 19.9个百分点;固定资产占比 比行业中位低 2.9个百分点。"]}}