{"F": {"ts_code": "688357.SH", "name": "建龙微纳", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "其他化学制品", "ind": "化学制品", "fin_source": "tushare", "market": "科创板", "list_date": "20191204", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 26.53, "pe_ttm": 30.3315, "pb": 1.5252, "dv_ttm": 1.1308, "total_mv": 265458.9147, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [44.4, 46.5, 32.9, 30.3, 28.4, 31.9], "rev_series": [4.5, 8.8, 8.5, 9.7, 7.8, 8.4], "np_series": [1.3, 2.8, 2.0, 1.5, 0.7, 1.0], "roe_series": [13.8, 25.0, 14.3, 9.2, 4.2, 5.4], "period": "20260630", "rev_ttm": 8.6, "np_ttm": 0.9, "ocf_ttm": 1.4, "fcf_ttm": 1.0, "fcf_yield": 3.9, "ocf_yield": 5.2, "gm_median": 31.9, "gm_std": 6.5, "gm_stab": 0.8, "gm_chg_2022": -11.5, "npm_median": 15.7, "roe_median": 9.2, "commodity": false, "hard_ratio": 45.0, "fix_assets": 14.4, "goodwill_ratio": 0.0, "pb_calc": 1.44, "capex_dep": 0.39, "interest_debt": 8.5, "debt_ebitda": 4.4, "debt_ratio": 42.3, "debt_mv": 32.0, "payout": 32.6, "div_years": 5, "rev_cagr3": -0.5, "np_cagr3": -20.7, "rev_yoy": 3.9, "np_yoy": -22.6, "np_vol": 60.0, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.3, "consensus_n": 2, "fwd_pe": 23.4, "fwd_pe2": 18.0, "fwd_g1": 30.0, "fwd_g2": 30.0, "peg": 0.78, "consensus_disp": null, "mainbz": [["产品", 33.0], ["产品销售及其他", 33.0], ["吸附干燥", 11.0], ["气体分离", 10.0]], "ret_prev_year": 52.8, "ret_prev2_year": -48.9, "ret_ytd": -19.0, "ret_pivot": 41.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.0, "ret_60": -4.0, "ret_120": -27.6, "ret_250": -23.7, "mdd_250": -42.5, "vol_250": 39.7, "pos_52w": 65.7}, "S": {"duration": 53, "pricing": 48, "hard": 72, "bondness": 51}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 30.3 倍、股息率 1.1%、毛利率近 5 年中位 31.9%、固定资产占比 45%、有息负债/EBITDA 4.4 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 45%),没有定价权:毛利率近 5 年中位 31.9%,稳定度 80%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 3.9%(经营现金流/市值 5.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.9%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -11.5 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 45%,资本开支/折旧 0.39 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 30.3 倍 粗算,约 84%(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 -24%,最大回撤 -42%,年化波动 40%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 -1% / -4% / -28%。", "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%。", "建龙微纳:PE 比行业中位低 5.6倍;股息率 与行业中位持平;毛利率 比行业中位高 9.6个百分点;固定资产占比 比行业中位高 10.5个百分点。"]}}