{"F": {"ts_code": "688550.SH", "name": "瑞联新材", "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": "20200902", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 36.27, "pe_ttm": 23.4562, "pb": 1.9233, "dv_ttm": 2.7809, "total_mv": 638599.0567, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.3, 35.3, 38.7, 35.2, 44.2, 44.9], "rev_series": [10.5, 15.3, 14.8, 12.1, 14.6, 16.8], "np_series": [1.8, 2.4, 2.5, 1.3, 2.5, 3.1], "roe_series": [10.4, 8.6, 8.5, 4.6, 8.4, 9.8], "period": "20260630", "rev_ttm": 16.9, "np_ttm": 2.7, "ocf_ttm": 3.7, "fcf_ttm": 2.8, "fcf_yield": 4.4, "ocf_yield": 5.8, "gm_median": 38.7, "gm_std": 4.2, "gm_stab": 0.89, "gm_chg_2022": -1.6, "npm_median": 16.7, "roe_median": 8.5, "commodity": false, "hard_ratio": 28.1, "fix_assets": 10.5, "goodwill_ratio": 0.0, "pb_calc": 1.92, "capex_dep": 0.58, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 11.4, "debt_mv": 0.1, "payout": 50.3, "div_years": 5, "rev_cagr3": 4.2, "np_cagr3": 7.9, "rev_yoy": 2.3, "np_yoy": -22.3, "np_vol": 43.5, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.3, "consensus_n": 7, "fwd_pe": 17.1, "fwd_pe2": 13.8, "fwd_g1": 37.0, "fwd_g2": 25.0, "peg": 0.68, "consensus_disp": null, "mainbz": [["显示材料", 70.0], ["医药中间体", 14.0], ["其他主营业务", 8.0], ["其他", 8.0]], "ret_prev_year": 49.2, "ret_prev2_year": 4.3, "ret_ytd": -18.1, "ret_pivot": 114.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.6, "ret_60": -21.4, "ret_120": -18.1, "ret_250": -21.9, "mdd_250": -42.2, "vol_250": 52.7, "pos_52w": 61.0}, "S": {"duration": 44, "pricing": 57, "hard": 45, "bondness": 50}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 23.5 倍、股息率 2.8%、毛利率近 5 年中位 38.7%、固定资产占比 28%、有息负债/EBITDA 0.0 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 38.7%),硬资产占比 28%。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 4.4%(经营现金流/市值 5.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.7%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -1.6 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 28%,资本开支/折旧 0.58 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.5 倍 粗算,约 79%(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 -22%,最大回撤 -42%,年化波动 53%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -8% / -21% / -18%。", "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%。", "瑞联新材:PE 比行业中位低 70.4倍;股息率 比行业中位高 2.4个百分点;毛利率 比行业中位高 8.8个百分点;固定资产占比 比行业中位低 4.8个百分点。"]}}