{"F": {"ts_code": "603725.SH", "name": "天安新材", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "家居用品", "sw3": "瓷砖地板", "ind": "家居用品", "fin_source": "tushare", "market": "主板", "list_date": "20170906", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.54, "pe_ttm": 38.7678, "pb": 3.6727, "dv_ttm": 1.1249, "total_mv": 321320.0158, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.0, 22.0, 20.7, 22.4, 22.6, 22.3], "rev_series": [8.7, 20.6, 27.2, 31.4, 31.0, 30.9], "np_series": [0.4, -0.6, -1.7, 1.2, 1.0, 1.1], "roe_series": [4.7, -7.8, -27.9, 19.4, 13.6, 13.9], "period": "20260630", "rev_ttm": 29.3, "np_ttm": 0.8, "ocf_ttm": 2.1, "fcf_ttm": 1.6, "fcf_yield": 5.0, "ocf_yield": 6.5, "gm_median": 22.3, "gm_std": 0.7, "gm_stab": 0.97, "gm_chg_2022": -2.3, "npm_median": 4.1, "roe_median": 13.6, "commodity": false, "hard_ratio": 19.0, "fix_assets": 5.7, "goodwill_ratio": 5.8, "pb_calc": 3.67, "capex_dep": 1.01, "interest_debt": 10.7, "debt_ebitda": 5.9, "debt_ratio": 65.2, "debt_mv": 33.4, "payout": 30.3, "div_years": 3, "rev_cagr3": 4.3, "np_cagr3": null, "rev_yoy": -11.1, "np_yoy": -46.1, "np_vol": 150.6, "loss_years": 2, "far_share": 87.0, "earn_yield": 2.6, "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], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 47.3, "ret_prev2_year": -18.5, "ret_ytd": 15.4, "ret_pivot": 93.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.3, "ret_60": -4.1, "ret_120": 7.8, "ret_250": -2.4, "mdd_250": -38.7, "vol_250": 58.3, "pos_52w": 72.8}, "S": {"duration": 62, "pricing": 51, "hard": 30, "bondness": 48}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.8 亿,近 5 年亏损 2 年;PE 39 倍(盈利极薄),估值指标失真。", "资产负债率 65%,有息负债 11 亿,经营现金流/市值 6.5%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 19%,毛利率近 5 年中位 22.3%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 5.0%(经营现金流/市值 6.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.3%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -2.3 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 19%,资本开支/折旧 1.01 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.8 倍 粗算,约 87%(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 -2%,最大回撤 -39%,年化波动 58%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 3% / -4% / 8%。", "行业对照": ["同申万二级「家居用品」77 家中位:PE 28.3 / 股息率 1.7% / 毛利率 28.3% / 固定资产占比 32% / 分红率 50%。", "天安新材:PE 比行业中位高 10.5倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位低 6.0个百分点;固定资产占比 比行业中位低 12.6个百分点。"]}}