{"F": {"ts_code": "688087.SH", "name": "英科再生", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "家居用品", "sw3": "其他家居用品", "ind": "家居用品", "fin_source": "tushare", "market": "科创板", "list_date": "20210709", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 38.15, "pe_ttm": 25.1039, "pb": 2.4908, "dv_ttm": 0.5759, "total_mv": 736846.2675, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.8, 30.0, 26.7, 25.7, 24.8, 24.6], "rev_series": [17.0, 19.9, 20.6, 24.6, 29.2, 35.5], "np_series": [2.2, 2.4, 2.3, 2.0, 3.1, 2.9], "roe_series": [26.0, 17.0, 11.8, 9.1, 12.9, 10.7], "period": "20260630", "rev_ttm": 40.3, "np_ttm": 2.9, "ocf_ttm": 6.0, "fcf_ttm": 2.5, "fcf_yield": 3.4, "ocf_yield": 8.1, "gm_median": 25.7, "gm_std": 2.0, "gm_stab": 0.92, "gm_chg_2022": -9.1, "npm_median": 10.5, "roe_median": 11.8, "commodity": false, "hard_ratio": 19.2, "fix_assets": 15.1, "goodwill_ratio": 0.0, "pb_calc": 2.49, "capex_dep": 2.34, "interest_debt": 39.3, "debt_ebitda": 6.0, "debt_ratio": 62.4, "debt_mv": 53.3, "payout": 14.3, "div_years": 5, "rev_cagr3": 19.9, "np_cagr3": 7.4, "rev_yoy": 28.8, "np_yoy": 5.3, "np_vol": 25.8, "loss_years": 0, "far_share": 80.0, "earn_yield": 4.0, "consensus_n": 7, "fwd_pe": 18.9, "fwd_pe2": 15.8, "fwd_g1": 33.0, "fwd_g2": 20.0, "peg": 0.94, "consensus_disp": null, "mainbz": [["产品", 33.0], ["环保塑料成品框", 13.0], ["成品框", 13.0], ["装饰建材", 13.0]], "ret_prev_year": 2.2, "ret_prev2_year": 27.2, "ret_ytd": 24.3, "ret_pivot": 56.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.7, "ret_60": -1.9, "ret_120": -3.9, "ret_250": 36.7, "mdd_250": -31.7, "vol_250": 44.8, "pos_52w": 81.5}, "S": {"duration": 47, "pricing": 49, "hard": 31, "bondness": 24}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 25.1 倍、股息率 0.6%、毛利率近 5 年中位 25.7%、固定资产占比 19%、有息负债/EBITDA 6.0 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 19%,毛利率近 5 年中位 25.7%。", "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 3.4%(经营现金流/市值 8.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.7%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -9.1 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 2.34 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.1 倍 粗算,约 80%(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 37%,最大回撤 -32%,年化波动 45%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 -5% / -2% / -4%。", "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%。", "英科再生:PE 比行业中位低 3.2倍;股息率 比行业中位低 1.1个百分点;毛利率 比行业中位低 2.6个百分点;固定资产占比 比行业中位低 12.4个百分点。"]}}