{"F": {"ts_code": "688548.SH", "name": "广钢气体", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "电子化学品Ⅱ", "sw3": "电子化学品Ⅲ", "ind": "电子化学品Ⅱ", "fin_source": "tushare", "market": "科创板", "list_date": "20230815", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.77, "pe_ttm": 89.5195, "pb": 6.1418, "dv_ttm": 0.3371, "total_mv": 3795909.4845, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.1, 31.4, 38.3, 35.1, 26.9, 26.9], "rev_series": [8.7, 11.8, 15.4, 18.4, 21.0, 24.2], "np_series": [2.7, 1.2, 2.4, 3.2, 2.5, 2.9], "roe_series": [28.7, 7.4, 10.4, 7.9, 4.3, 4.8], "period": "20260630", "rev_ttm": 26.4, "np_ttm": 4.2, "ocf_ttm": 7.4, "fcf_ttm": -7.3, "fcf_yield": -1.9, "ocf_yield": 2.0, "gm_median": 31.4, "gm_std": 4.5, "gm_stab": 0.86, "gm_chg_2022": 3.1, "npm_median": 11.9, "roe_median": 7.4, "commodity": false, "hard_ratio": 57.8, "fix_assets": 54.6, "goodwill_ratio": 6.0, "pb_calc": 6.14, "capex_dep": 4.54, "interest_debt": 22.9, "debt_ebitda": 2.7, "debt_ratio": 33.6, "debt_mv": 6.0, "payout": 44.1, "div_years": 3, "rev_cagr3": 16.3, "np_cagr3": 6.7, "rev_yoy": 19.6, "np_yoy": 117.7, "np_vol": 51.4, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.1, "consensus_n": 10, "fwd_pe": 79.5, "fwd_pe2": 63.6, "fwd_g1": 13.0, "fwd_g2": 25.0, "peg": 3.18, "consensus_disp": null, "mainbz": [["产品", 50.0], ["电子大宗气体", 40.0], ["通用工业气体", 8.0], ["其他业务", 2.0]], "ret_prev_year": 45.9, "ret_prev2_year": -22.4, "ret_ytd": 98.7, "ret_pivot": 316.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -23.6, "ret_60": -12.1, "ret_120": 13.0, "ret_250": 161.7, "mdd_250": -47.7, "vol_250": 72.5, "pos_52w": 52.3}, "S": {"duration": 89, "pricing": 56, "hard": 92, "bondness": 29}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 89.5 倍、股息率 0.3%、毛利率近 5 年中位 31.4%、固定资产占比 58%、有息负债/EBITDA 2.7 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 58%、毛利率 31.4% 两条都占,但所在行业(电子)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": "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 -1.9%(经营现金流/市值 2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.4%,稳定度 86%,2020→2022 成本通胀期毛利率变化 3.1 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 58%,资本开支/折旧 4.54 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 89.5 倍 粗算,约 94%(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 162%,最大回撤 -48%,年化波动 72%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -24% / -12% / 13%。", "行业对照": ["同申万二级「电子化学品Ⅱ」36 家中位:PE 93.9 / 股息率 0.4% / 毛利率 29.9% / 固定资产占比 33% / 分红率 44%。", "广钢气体:PE 比行业中位低 4.4倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 1.5个百分点;固定资产占比 比行业中位高 24.9个百分点。"]}}