{"F": {"ts_code": "688300.SH", "name": "联瑞新材", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "非金属材料Ⅱ", "sw3": "非金属材料Ⅲ", "ind": "非金属材料Ⅱ", "fin_source": "tushare", "market": "科创板", "list_date": "20191115", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 163.68, "pe_ttm": 130.4348, "pb": 22.8054, "dv_ttm": 0.3055, "total_mv": 3952367.8656, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.8, 42.5, 39.2, 39.3, 40.4, 40.7], "rev_series": [4.0, 6.2, 6.6, 7.1, 9.6, 11.2], "np_series": [1.1, 1.7, 1.9, 1.7, 2.5, 2.9], "roe_series": [11.9, 16.8, 16.2, 13.5, 17.6, 18.2], "period": "20260630", "rev_ttm": 12.3, "np_ttm": 3.0, "ocf_ttm": 2.7, "fcf_ttm": 1.4, "fcf_yield": 0.4, "ocf_yield": 0.7, "gm_median": 40.4, "gm_std": 1.2, "gm_stab": 0.97, "gm_chg_2022": -3.6, "npm_median": 26.2, "roe_median": 16.8, "commodity": false, "hard_ratio": 24.6, "fix_assets": 7.3, "goodwill_ratio": 0.0, "pb_calc": 22.13, "capex_dep": 2.09, "interest_debt": 7.6, "debt_ebitda": 1.8, "debt_ratio": 39.7, "debt_mv": 1.9, "payout": 41.3, "div_years": 5, "rev_cagr3": 19.0, "np_cagr3": 15.8, "rev_yoy": 21.2, "np_yoy": 7.5, "np_vol": 23.3, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.8, "consensus_n": 9, "fwd_pe": 100.8, "fwd_pe2": 74.0, "fwd_g1": 29.0, "fwd_g2": 36.0, "peg": 2.8, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 26.6, "ret_prev2_year": 23.3, "ret_ytd": 165.8, "ret_pivot": 476.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.9, "ret_60": -7.9, "ret_120": 80.9, "ret_250": 159.4, "mdd_250": -63.2, "vol_250": 85.9, "pos_52w": 60.1}, "S": {"duration": 96, "pricing": 59, "hard": 39, "bondness": 23}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 130.4 倍、股息率 0.3%、毛利率近 5 年中位 40.4%、固定资产占比 25%、有息负债/EBITDA 1.8 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 40.4%),硬资产占比 25%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 0.4%(经营现金流/市值 0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 40.4%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -3.6 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 25%,资本开支/折旧 2.09 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 130.4 倍 粗算,约 96%(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 159%,最大回撤 -63%,年化波动 86%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 8% / -8% / 81%。", "行业对照": ["同申万二级「非金属材料Ⅱ」14 家中位:PE 54.2 / 股息率 0.9% / 毛利率 26.6% / 固定资产占比 35% / 分红率 41%。", "联瑞新材:PE 比行业中位高 76.2倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位高 13.8个百分点;固定资产占比 比行业中位低 10.6个百分点。"]}}