{"F": {"ts_code": "605566.SH", "name": "福莱蒽特", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "纺织化学制品", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "20211025", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 28.34, "pe_ttm": 73.5246, "pb": 1.8336, "dv_ttm": 0.3509, "total_mv": 377885.56, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.6, 26.5, 16.8, 16.0, 14.3, 20.1], "rev_series": [10.0, 11.8, 10.3, 9.2, 9.7, 7.8], "np_series": [1.9, 1.8, 0.4, 0.3, 0.2, 0.4], "roe_series": [24.3, 12.0, 2.2, 1.4, 1.1, 2.2], "period": "20260630", "rev_ttm": 8.9, "np_ttm": 0.5, "ocf_ttm": 0.4, "fcf_ttm": 0.3, "fcf_yield": 0.8, "ocf_yield": 1.1, "gm_median": 16.8, "gm_std": 4.3, "gm_stab": 0.74, "gm_chg_2022": -14.7, "npm_median": 2.7, "roe_median": 2.2, "commodity": false, "hard_ratio": 11.2, "fix_assets": 3.0, "goodwill_ratio": 0.9, "pb_calc": 1.83, "capex_dep": 0.31, "interest_debt": 3.6, "debt_ebitda": 3.4, "debt_ratio": 22.9, "debt_mv": 9.6, "payout": 54.5, "div_years": 5, "rev_cagr3": -9.0, "np_cagr3": 0.8, "rev_yoy": 28.6, "np_yoy": 19.5, "np_vol": 59.8, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["高水洗、高日晒牢度染料", 20.0], ["高水洗,高日晒牢度染料", 20.0], ["滤饼", 6.0]], "ret_prev_year": 76.3, "ret_prev2_year": -28.5, "ret_ytd": -9.7, "ret_pivot": 106.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.8, "ret_60": -40.0, "ret_120": 4.8, "ret_250": 11.0, "mdd_250": -58.6, "vol_250": 58.6, "pos_52w": 54.2}, "S": {"duration": 84, "pricing": 38, "hard": 18, "bondness": 51}, "label": "中性", "tags": [], "text": {"像什么": ["PE 73.5 倍、股息率 0.4%、毛利率近 5 年中位 16.8%、固定资产占比 11%、有息负债/EBITDA 3.4 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 11%,毛利率近 5 年中位 16.8%。", "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 0.8%(经营现金流/市值 1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.8%,稳定度 74%,2020→2022 成本通胀期毛利率变化 -14.7 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 11%,资本开支/折旧 0.31 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 73.5 倍 粗算,约 93%(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 11%,最大回撤 -59%,年化波动 59%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 10% / -40% / 5%。", "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%。", "福莱蒽特:PE 比行业中位高 37.6倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位低 5.5个百分点;固定资产占比 比行业中位低 23.3个百分点。"]}}