{"F": {"ts_code": "920033.BJ", "name": "康普化学", "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": "北交所", "list_date": "20221221", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.44, "pe_ttm": 46.3018, "pb": 2.2221, "dv_ttm": 0.3463, "total_mv": 172031.301, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.2, 34.9, 38.6, 43.9, 43.9, 36.3], "rev_series": [2.2, 2.3, 3.5, 4.4, 3.3, 2.5], "np_series": [0.6, 0.5, 1.0, 1.5, 0.8, 0.2], "roe_series": [40.2, 26.4, 28.6, 25.4, 11.5, 3.0], "period": "20260630", "rev_ttm": 3.5, "np_ttm": 0.4, "ocf_ttm": 1.7, "fcf_ttm": 1.2, "fcf_yield": 6.8, "ocf_yield": 10.0, "gm_median": 38.6, "gm_std": 3.8, "gm_stab": 0.9, "gm_chg_2022": -1.6, "npm_median": 24.3, "roe_median": 25.4, "commodity": false, "hard_ratio": 33.8, "fix_assets": 3.1, "goodwill_ratio": 0.0, "pb_calc": 2.22, "capex_dep": 1.57, "interest_debt": 0.2, "debt_ebitda": 0.2, "debt_ratio": 13.1, "debt_mv": 1.0, "payout": 25.4, "div_years": 2, "rev_cagr3": -11.1, "np_cagr3": -40.3, "rev_yoy": 109.5, "np_yoy": 78.1, "np_vol": 63.8, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["金属萃取剂", 42.0], ["表面活性剂-其他", 4.0], ["其他特种表面活性剂", 4.0]], "ret_prev_year": -4.9, "ret_prev2_year": -45.9, "ret_ytd": -19.0, "ret_pivot": -7.3, "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": 69, "pricing": 57, "hard": 54, "bondness": 32}, "label": "钱的替代品", "tags": [], "text": {"像什么": ["硬资产:固定资产 + 在建 3 亿,占总资产 34%,重置成本随通胀上升。", "定价权:毛利率近 5 年中位 38.6%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -1.6 个百分点。", "当期现金流:自由现金流/市值 6.8%,股息率 0.3%,估值里 5 年后的故事约占 89%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 34%)和定价权(毛利率 38.6% 且稳定)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 6.8%(经营现金流/市值 10.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.6%,稳定度 90%,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 34%,资本开支/折旧 1.57 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 46.3 倍 粗算,约 89%(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「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%。", "康普化学:PE 比行业中位高 10.4倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位高 16.3个百分点;固定资产占比 比行业中位低 0.7个百分点。"]}}