{"F": {"ts_code": "688190.SH", "name": "云路股份", "mkt": "CN", "ccy": "元", "sw1": "有色金属", "sw2": "金属新材料", "sw3": "其他金属新材料", "ind": "金属新材料", "fin_source": "tushare", "market": "科创板", "list_date": "20211126", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 72.99, "pe_ttm": 34.948, "pb": 3.2659, "dv_ttm": 1.9181, "total_mv": 875880.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.1, 23.4, 26.8, 30.5, 30.6, 27.7], "rev_series": [7.2, 9.4, 14.5, 17.7, 19.0, 18.9], "np_series": [1.0, 1.2, 2.3, 3.3, 3.6, 2.9], "roe_series": [23.8, 10.5, 11.8, 15.4, 15.1, 11.5], "period": "20260630", "rev_ttm": 19.0, "np_ttm": 2.5, "ocf_ttm": 1.5, "fcf_ttm": 1.3, "fcf_yield": 1.5, "ocf_yield": 1.7, "gm_median": 27.7, "gm_std": 2.7, "gm_stab": 0.9, "gm_chg_2022": -1.3, "npm_median": 15.7, "roe_median": 11.8, "commodity": false, "hard_ratio": 17.5, "fix_assets": 6.0, "goodwill_ratio": 0.0, "pb_calc": 3.27, "capex_dep": 0.21, "interest_debt": 0.7, "debt_ebitda": 0.2, "debt_ratio": 21.3, "debt_mv": 0.8, "payout": 30.9, "div_years": 5, "rev_cagr3": 9.3, "np_cagr3": 9.1, "rev_yoy": 1.3, "np_yoy": -25.8, "np_vol": 36.4, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.9, "consensus_n": 2, "fwd_pe": 23.9, "fwd_pe2": 20.9, "fwd_g1": 47.0, "fwd_g2": 14.0, "peg": 1.71, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 7.0, "ret_prev2_year": 31.4, "ret_ytd": -24.2, "ret_pivot": 22.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.0, "ret_60": -27.5, "ret_120": -31.6, "ret_250": -28.4, "mdd_250": -49.6, "vol_250": 52.5, "pos_52w": 57.3}, "S": {"duration": 58, "pricing": 52, "hard": 28, "bondness": 34}, "label": "中性", "tags": [], "text": {"像什么": ["PE 34.9 倍、股息率 1.9%、毛利率近 5 年中位 27.7%、固定资产占比 18%、有息负债/EBITDA 0.2 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 18%,毛利率近 5 年中位 27.7%。", "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 1.5%(经营现金流/市值 1.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.7%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -1.3 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 18%,资本开支/折旧 0.21 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 34.9 倍 粗算,约 86%(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 -28%,最大回撤 -50%,年化波动 52%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -1% / -28% / -32%。", "行业对照": ["同申万二级「金属新材料」35 家中位:PE 58.5 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 35%。", "云路股份:PE 比行业中位低 23.6倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位高 9.9个百分点;固定资产占比 比行业中位低 5.4个百分点。"]}}