{"F": {"ts_code": "603856.SH", "name": "东宏股份", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "装修建材", "sw3": "管材", "ind": "装修建材", "fin_source": "tushare", "market": "主板", "list_date": "20171106", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.73, "pe_ttm": 13.2069, "pb": 1.1964, "dv_ttm": 2.2688, "total_mv": 330851.8053, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.2, 19.5, 19.3, 19.4, 18.7, 19.7], "rev_series": [23.9, 22.1, 28.5, 28.6, 24.9, 22.0], "np_series": [3.2, 1.3, 1.5, 1.6, 1.7, 2.5], "roe_series": [17.4, 6.7, 7.2, 7.4, 7.4, 9.7], "period": "20260630", "rev_ttm": 22.2, "np_ttm": 2.5, "ocf_ttm": 3.8, "fcf_ttm": 3.2, "fcf_yield": 9.7, "ocf_yield": 11.5, "gm_median": 19.4, "gm_std": 0.4, "gm_stab": 0.98, "gm_chg_2022": -6.9, "npm_median": 6.0, "roe_median": 7.4, "commodity": false, "hard_ratio": 20.8, "fix_assets": 8.1, "goodwill_ratio": 0.0, "pb_calc": 1.2, "capex_dep": 0.84, "interest_debt": 2.7, "debt_ebitda": 0.8, "debt_ratio": 29.1, "debt_mv": 8.1, "payout": 27.6, "div_years": 5, "rev_cagr3": -8.2, "np_cagr3": 18.7, "rev_yoy": 1.3, "np_yoy": 1.1, "np_vol": 34.1, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.6, "consensus_n": 3, "fwd_pe": 16.1, "fwd_pe2": 13.5, "fwd_g1": -18.0, "fwd_g2": 19.0, "peg": 0.85, "consensus_disp": null, "mainbz": [["产品", 35.0], ["管材管件销售", 30.0], ["防腐管材管件", 19.0], ["PE钢丝管材管件", 5.0]], "ret_prev_year": 15.4, "ret_prev2_year": -3.9, "ret_ytd": -4.2, "ret_pivot": 24.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.4, "ret_60": -1.1, "ret_120": -14.7, "ret_250": -4.2, "mdd_250": -26.1, "vol_250": 33.2, "pos_52w": 80.0}, "S": {"duration": 28, "pricing": 48, "hard": 33, "bondness": 46}, "label": "中性", "tags": [], "text": {"像什么": ["PE 13.2 倍、股息率 2.3%、毛利率近 5 年中位 19.4%、固定资产占比 21%、有息负债/EBITDA 0.8 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 21%,毛利率近 5 年中位 19.4%。", "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 9.7%(经营现金流/市值 11.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.4%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -6.9 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 21%,资本开支/折旧 0.84 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.2 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -4%,最大回撤 -26%,年化波动 33%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 4% / -1% / -15%。", "行业对照": ["同申万二级「装修建材」39 家中位:PE 36.1 / 股息率 1.6% / 毛利率 20.7% / 固定资产占比 21% / 分红率 51%。", "东宏股份:PE 比行业中位低 22.9倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位低 1.3个百分点;固定资产占比 与行业中位持平。"]}}