{"F": {"ts_code": "603379.SH", "name": "三美股份", "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": "20190402", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 58.56, "pe_ttm": 16.7299, "pb": 4.2141, "dv_ttm": 2.5956, "total_mv": 3574965.024, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.1, 23.2, 16.1, 13.4, 29.8, 50.6], "rev_series": [27.2, 40.5, 47.7, 33.3, 40.4, 58.5], "np_series": [2.2, 5.4, 4.9, 2.8, 7.8, 20.6], "roe_series": [4.5, 10.4, 8.8, 4.8, 12.6, 28.4], "period": "20260630", "rev_ttm": 64.4, "np_ttm": 21.4, "ocf_ttm": 20.5, "fcf_ttm": 8.6, "fcf_yield": 2.4, "ocf_yield": 5.7, "gm_median": 23.2, "gm_std": 13.3, "gm_stab": 0.43, "gm_chg_2022": 1.0, "npm_median": 13.2, "roe_median": 10.4, "commodity": false, "hard_ratio": 35.2, "fix_assets": 37.5, "goodwill_ratio": 0.0, "pb_calc": 4.21, "capex_dep": 7.11, "interest_debt": 7.9, "debt_ebitda": 0.3, "debt_ratio": 19.5, "debt_mv": 2.2, "payout": 44.7, "div_years": 5, "rev_cagr3": 7.0, "np_cagr3": 61.9, "rev_yoy": 20.7, "np_yoy": 7.6, "np_vol": 93.2, "loss_years": 0, "far_share": 70.0, "earn_yield": 6.0, "consensus_n": 15, "fwd_pe": 13.7, "fwd_pe2": 11.2, "fwd_g1": 22.0, "fwd_g2": 22.0, "peg": 0.62, "consensus_disp": null, "mainbz": [["产品", 49.0], ["氟制冷剂", 42.0], ["氟化氢", 6.0], ["其他主营业务", 1.0]], "ret_prev_year": 63.5, "ret_prev2_year": 14.5, "ret_ytd": -1.6, "ret_pivot": 132.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.3, "ret_60": -4.2, "ret_120": -13.1, "ret_250": -0.9, "mdd_250": -30.9, "vol_250": 45.5, "pos_52w": 70.1}, "S": {"duration": 34, "pricing": 35, "hard": 56, "bondness": 45}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 16.7 倍、股息率 2.6%、毛利率近 5 年中位 23.2%、固定资产占比 35%、有息负债/EBITDA 0.3 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 35%),没有定价权:毛利率近 5 年中位 23.2%,稳定度 43%。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 2.4%(经营现金流/市值 5.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.2%,稳定度 43%,2020→2022 成本通胀期毛利率变化 1.0 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 35%,资本开支/折旧 7.11 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.7 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -1%,最大回撤 -31%,年化波动 46%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -10% / -4% / -13%。", "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%。", "三美股份:PE 比行业中位低 19.2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 0.9个百分点;固定资产占比 比行业中位高 0.7个百分点。"]}}