{"F": {"ts_code": "603601.SH", "name": "再升科技", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "玻璃玻纤", "sw3": "玻纤制造", "ind": "玻璃玻纤", "fin_source": "tushare", "market": "主板", "list_date": "20150122", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.07, "pe_ttm": 254.7474, "pb": 3.8021, "dv_ttm": 0.3091, "total_mv": 1036103.287, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.1, 31.0, 25.8, 21.9, 22.0, 19.7], "rev_series": [18.8, 16.2, 16.2, 16.6, 14.8, 12.7], "np_series": [3.6, 2.5, 1.5, 0.4, 0.9, 0.6], "roe_series": [22.2, 13.1, 7.2, 1.7, 4.1, 2.4], "period": "20260630", "rev_ttm": 12.7, "np_ttm": 0.4, "ocf_ttm": 2.4, "fcf_ttm": 2.1, "fcf_yield": 2.0, "ocf_yield": 2.3, "gm_median": 22.0, "gm_std": 4.0, "gm_stab": 0.82, "gm_chg_2022": -12.3, "npm_median": 7.1, "roe_median": 4.1, "commodity": false, "hard_ratio": 24.6, "fix_assets": 7.9, "goodwill_ratio": 0.7, "pb_calc": 3.8, "capex_dep": 0.24, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 13.7, "debt_mv": 0.0, "payout": 78.8, "div_years": 5, "rev_cagr3": -7.7, "np_cagr3": -28.1, "rev_yoy": -1.0, "np_yoy": -25.6, "np_vol": 75.1, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.4, "consensus_n": 3, "fwd_pe": 143.2, "fwd_pe2": 108.8, "fwd_g1": 78.0, "fwd_g2": 32.0, "peg": 4.47, "consensus_disp": null, "mainbz": [["产品", 34.0], ["高效节能装备", 18.0], ["高效节能材料", 18.0], ["空气清新机", 12.0]], "ret_prev_year": 275.3, "ret_prev2_year": -20.4, "ret_ytd": -27.2, "ret_pivot": 255.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.2, "ret_60": -34.6, "ret_120": -21.8, "ret_250": 44.0, "mdd_250": -67.6, "vol_250": 79.6, "pos_52w": 38.6}, "S": {"duration": 100, "pricing": 43, "hard": 39, "bondness": 49}, "label": "中性", "tags": [], "text": {"像什么": ["PE 254.7 倍、股息率 0.3%、毛利率近 5 年中位 22.0%、固定资产占比 25%、有息负债/EBITDA 0.0 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 25%,毛利率近 5 年中位 22.0%。", "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 2.0%(经营现金流/市值 2.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.0%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -12.3 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 25%,资本开支/折旧 0.24 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 254.7 倍 粗算,约 98%(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 44%,最大回撤 -68%,年化波动 80%,现价在 52 周高点的 39%;近 20 / 60 / 120 日 -8% / -35% / -22%。", "行业对照": ["同申万二级「玻璃玻纤」16 家中位:PE 68.1 / 股息率 0.7% / 毛利率 22.1% / 固定资产占比 53% / 分红率 37%。", "再升科技:PE 比行业中位高 186.6倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 0.1个百分点;固定资产占比 比行业中位低 28.6个百分点。"]}}