{"F": {"ts_code": "688089.SH", "name": "ST嘉必优", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "食品及饲料添加剂", "ind": "化学制品", "fin_source": "tushare", "market": "科创板", "list_date": "20191219", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.53, "pe_ttm": null, "pb": 0.9266, "dv_ttm": null, "total_mv": 141905.08, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [55.0, 50.1, 42.1, 42.4, 43.6, 47.7], "rev_series": [3.2, 3.5, 4.3, 4.4, 5.6, 5.6], "np_series": [1.3, 1.3, 0.6, 0.9, 1.2, 1.4], "roe_series": [10.2, 9.5, 4.6, 6.3, 8.2, 9.0], "period": "20260630", "rev_ttm": 3.1, "np_ttm": -0.6, "ocf_ttm": 1.4, "fcf_ttm": 0.4, "fcf_yield": 2.6, "ocf_yield": 10.1, "gm_median": 43.6, "gm_std": 3.2, "gm_stab": 0.93, "gm_chg_2022": -12.9, "npm_median": 21.6, "roe_median": 8.2, "commodity": false, "hard_ratio": 47.8, "fix_assets": 8.8, "goodwill_ratio": 0.0, "pb_calc": 0.93, "capex_dep": 1.57, "interest_debt": 1.8, "debt_ebitda": 13.8, "debt_ratio": 16.3, "debt_mv": 12.4, "payout": 45.7, "div_years": 4, "rev_cagr3": 9.1, "np_cagr3": 30.7, "rev_yoy": -81.2, "np_yoy": -193.2, "np_vol": 33.0, "loss_years": 0, "far_share": 100, "earn_yield": null, "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": 23.6, "ret_prev2_year": 7.6, "ret_ytd": -63.4, "ret_pivot": -43.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.3, "ret_60": -29.6, "ret_120": -57.1, "ret_250": -69.6, "mdd_250": -76.7, "vol_250": 44.9, "pos_52w": 28.4}, "S": {"duration": 100, "pricing": 58, "hard": 76, "bondness": 42}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 16%,有息负债 2 亿,经营现金流/市值 10.1%: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": "硬资产占比 48%、毛利率 43.6% 两条都占,但所在行业(基础化工)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 2.6%(经营现金流/市值 10.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 43.6%,稳定度 93%,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 48%,资本开支/折旧 1.57 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -70%,最大回撤 -77%,年化波动 45%,现价在 52 周高点的 28%;近 20 / 60 / 120 日 10% / -30% / -57%。", "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%。", "ST嘉必优:PE ;股息率 ;毛利率 比行业中位高 21.3个百分点;固定资产占比 比行业中位高 13.3个百分点。"]}}