{"F": {"ts_code": "920038.BJ", "name": "森合高科", "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": "20260805", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 35.5, "pe_ttm": 13.2998, "pb": 3.9414, "dv_ttm": null, "total_mv": 370993.4636, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.5, 38.9, 30.4, 31.2, 36.8, 46.4], "rev_series": [null, null, 3.0, 3.5, 6.2, 8.4], "np_series": [null, null, 0.5, 0.6, 1.5, 2.7], "roe_series": [28.0, 24.9, 13.9, 15.1, 32.1, 40.2], "period": "20260630", "rev_ttm": 8.5, "np_ttm": 2.8, "ocf_ttm": 2.0, "fcf_ttm": 1.0, "fcf_yield": 2.7, "ocf_yield": 5.4, "gm_median": 36.8, "gm_std": 5.8, "gm_stab": 0.84, "gm_chg_2022": -18.0, "npm_median": 24.0, "roe_median": 24.9, "commodity": false, "hard_ratio": 36.6, "fix_assets": 4.0, "goodwill_ratio": 0.0, "pb_calc": 3.94, "capex_dep": 5.17, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 13.9, "debt_mv": 0.2, "payout": null, "div_years": 0, "rev_cagr3": 40.6, "np_cagr3": 79.5, "rev_yoy": 2.6, "np_yoy": 5.5, "np_vol": 70.3, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["选矿药剂", 32.0], ["环保型贵金属选矿剂", 32.0], ["硫酸铵", 3.0]], "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": 28, "pricing": 52, "hard": 59, "bondness": 0}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 13.3 倍、股息率 —、毛利率近 5 年中位 36.8%、固定资产占比 37%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 37%),没有定价权:毛利率近 5 年中位 36.8%,稳定度 84%。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 2.7%(经营现金流/市值 5.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.8%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -18.0 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 37%,资本开支/折旧 5.17 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.3 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "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%。", "森合高科:PE 比行业中位低 22.6倍;股息率 ;毛利率 比行业中位高 14.5个百分点;固定资产占比 比行业中位高 2.1个百分点。"]}}