{"F": {"ts_code": "920012.BJ", "name": "创达新材", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "半导体材料", "ind": "半导体", "fin_source": "tushare", "market": "北交所", "list_date": "20260413", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 50.92, "pe_ttm": 36.3139, "pb": 2.9651, "dv_ttm": null, "total_mv": 251124.099, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.8, 31.5, 31.8, 32.7], "rev_series": [3.1, 3.4, 4.2, 4.3], "np_series": [0.2, 0.5, 0.6, 0.7], "roe_series": [5.0, 10.8, 11.7, 11.5], "period": "20260630", "rev_ttm": 4.6, "np_ttm": 0.7, "ocf_ttm": 0.4, "fcf_ttm": -0.0, "fcf_yield": -0.2, "ocf_yield": 1.6, "gm_median": 31.6, "gm_std": 3.2, "gm_stab": 0.9, "gm_chg_2022": null, "npm_median": 14.8, "roe_median": 11.1, "commodity": false, "hard_ratio": 16.4, "fix_assets": 1.6, "goodwill_ratio": 0.0, "pb_calc": 2.97, "capex_dep": 2.98, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 11.4, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": 11.5, "np_cagr3": 42.4, "rev_yoy": 14.9, "np_yoy": 10.7, "np_vol": 53.7, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["电子封装材料", 100.0], ["环氧工程材料及服务", 0.0], ["其他业务", 0.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 60, "pricing": 55, "hard": 26, "bondness": 12}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 36.3 倍、股息率 —、毛利率近 5 年中位 31.6%、固定资产占比 16%、资产负债率 11%: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 31.6%),硬资产占比 16%。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 -0.2%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.6%,稳定度 90%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 16%,资本开支/折旧 2.98 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 36.3 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?"]], "行业对照": ["同申万二级「半导体」186 家中位:PE 81.5 / 股息率 0.3% / 毛利率 35.0% / 固定资产占比 11% / 分红率 32%。", "创达新材:PE 比行业中位低 45.2倍;股息率 ;毛利率 比行业中位低 3.4个百分点;固定资产占比 比行业中位高 5.0个百分点。"]}}