{"F": {"ts_code": "603505.SH", "name": "金石资源", "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": "20170503", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.33, "pe_ttm": 44.5933, "pb": 6.8489, "dv_ttm": 0.7808, "total_mv": 1290278.2704, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [56.6, 47.7, 44.4, 34.6, 21.1, 17.8], "rev_series": [8.8, 10.4, 10.5, 19.0, 27.5, 38.9], "np_series": [2.4, 2.4, 2.2, 3.5, 2.6, 3.3], "roe_series": [22.9, 20.7, 16.8, 23.4, 15.9, 19.0], "period": "20260630", "rev_ttm": 40.6, "np_ttm": 2.9, "ocf_ttm": 1.7, "fcf_ttm": -1.7, "fcf_yield": -1.4, "ocf_yield": 1.3, "gm_median": 34.6, "gm_std": 12.0, "gm_stab": 0.65, "gm_chg_2022": -12.2, "npm_median": 19.8, "roe_median": 19.0, "commodity": false, "hard_ratio": 39.3, "fix_assets": 32.1, "goodwill_ratio": 0.0, "pb_calc": 6.85, "capex_dep": 0.96, "interest_debt": 38.4, "debt_ebitda": 5.3, "debt_ratio": 69.4, "debt_mv": 29.8, "payout": 34.9, "div_years": 5, "rev_cagr3": 54.7, "np_cagr3": 13.6, "rev_yoy": 9.8, "np_yoy": -28.9, "np_vol": 29.0, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "consensus_n": 9, "fwd_pe": 36.9, "fwd_pe2": 23.3, "fwd_g1": 21.0, "fwd_g2": 58.0, "peg": 0.64, "consensus_disp": null, "mainbz": [["无水氟化氢", 49.0], ["高品位萤石块矿", 16.0], ["萤石精矿", 16.0], ["其他主营业务", 8.0]], "ret_prev_year": 10.9, "ret_prev2_year": -11.3, "ret_ytd": -17.7, "ret_pivot": -8.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.2, "ret_60": -18.5, "ret_120": -26.5, "ret_250": -9.7, "mdd_250": -39.1, "vol_250": 46.5, "pos_52w": 63.0}, "S": {"duration": 67, "pricing": 44, "hard": 63, "bondness": 32}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 44.6 倍、股息率 0.8%、毛利率近 5 年中位 34.6%、固定资产占比 39%、有息负债/EBITDA 5.3 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 39%),没有定价权:毛利率近 5 年中位 34.6%,稳定度 65%。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 1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.6%,稳定度 65%,2020→2022 成本通胀期毛利率变化 -12.2 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 39%,资本开支/折旧 0.96 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 44.6 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 -10%,最大回撤 -39%,年化波动 46%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -8% / -18% / -26%。", "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%。", "金石资源:PE 比行业中位高 8.7倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 12.3个百分点;固定资产占比 比行业中位高 4.8个百分点。"]}}