{"F": {"ts_code": "603798.SH", "name": "康普顿", "mkt": "CN", "ccy": "元", "sw1": "石油石化", "sw2": "炼化及贸易", "sw3": "其他石化", "ind": "炼化及贸易", "fin_source": "tushare", "market": "主板", "list_date": "20160406", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.27, "pe_ttm": 90.0128, "pb": 3.013, "dv_ttm": 0.697, "total_mv": 365953.7219, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.3, 27.7, 22.5, 18.4, 18.0, 20.0], "rev_series": [9.2, 11.1, 7.9, 12.0, 10.7, 9.5], "np_series": [1.1, 1.1, 0.4, 0.5, 0.5, 0.5], "roe_series": [10.9, 10.1, 3.6, 4.3, 4.8, 4.4], "period": "20260630", "rev_ttm": 9.0, "np_ttm": 0.4, "ocf_ttm": 1.1, "fcf_ttm": 0.9, "fcf_yield": 2.4, "ocf_yield": 3.0, "gm_median": 20.0, "gm_std": 3.6, "gm_stab": 0.82, "gm_chg_2022": -12.9, "npm_median": 5.8, "roe_median": 4.4, "commodity": false, "hard_ratio": 16.5, "fix_assets": 2.4, "goodwill_ratio": 2.1, "pb_calc": 3.01, "capex_dep": 0.67, "interest_debt": 0.3, "debt_ebitda": 0.4, "debt_ratio": 12.2, "debt_mv": 0.9, "payout": 50.0, "div_years": 5, "rev_cagr3": 6.3, "np_cagr3": 8.9, "rev_yoy": -8.5, "np_yoy": -19.3, "np_vol": 29.6, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.1, "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", 50.0], ["其他业务", 0.0]], "ret_prev_year": 90.4, "ret_prev2_year": -8.3, "ret_ytd": -13.0, "ret_pivot": 107.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.2, "ret_60": -10.8, "ret_120": 2.9, "ret_250": 2.4, "mdd_250": -44.7, "vol_250": 54.0, "pos_52w": 74.2}, "S": {"duration": 89, "pricing": 42, "hard": 26, "bondness": 37}, "label": "中性", "tags": [], "text": {"像什么": ["PE 90.0 倍、股息率 0.7%、毛利率近 5 年中位 20.0%、固定资产占比 16%、有息负债/EBITDA 0.4 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 16%,毛利率近 5 年中位 20.0%。", "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 2.4%(经营现金流/市值 3.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.0%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -12.9 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 16%,资本开支/折旧 0.67 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 90.0 倍 粗算,约 94%(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 -45%,年化波动 54%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 4% / -11% / 3%。", "行业对照": ["同申万二级「炼化及贸易」30 家中位:PE 24.2 / 股息率 0.8% / 毛利率 10.6% / 固定资产占比 43% / 分红率 49%。", "康普顿:PE 比行业中位高 65.8倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 9.4个百分点;固定资产占比 比行业中位低 26.6个百分点。"]}}