{"F": {"ts_code": "920056.BJ", "name": "能之光", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "塑料", "sw3": "其他塑料制品", "ind": "塑料", "fin_source": "tushare", "market": "北交所", "list_date": "20250822", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.0, "pe_ttm": 30.13, "pb": 2.2724, "dv_ttm": 0.98, "total_mv": 122537.55, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.7, 12.3, 12.0, 16.9, 17.1, 17.7], "rev_series": [null, null, 5.6, 5.7, 6.1, 6.0], "np_series": [null, null, 0.2, 0.5, 0.6, 0.6], "roe_series": [38.6, 10.0, 8.0, 16.2, 15.9, 12.0], "period": "20260630", "rev_ttm": 5.9, "np_ttm": 0.4, "ocf_ttm": 0.6, "fcf_ttm": -0.1, "fcf_yield": -1.2, "ocf_yield": 4.7, "gm_median": 16.9, "gm_std": 2.5, "gm_stab": 0.85, "gm_chg_2022": -9.7, "npm_median": 8.8, "roe_median": 12.0, "commodity": false, "hard_ratio": 26.4, "fix_assets": 1.5, "goodwill_ratio": 0.0, "pb_calc": 2.27, "capex_dep": 5.58, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 7.3, "debt_mv": 0.2, "payout": 18.8, "div_years": 1, "rev_cagr3": 2.5, "np_cagr3": 36.0, "rev_yoy": -1.2, "np_yoy": -48.6, "np_vol": 62.8, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.3, "consensus_n": 1, "fwd_pe": 20.3, "fwd_pe2": 16.7, "fwd_g1": 49.0, "fwd_g2": 22.0, "peg": 0.92, "consensus_disp": null, "mainbz": [["产品", 34.0], ["高分子材料助剂等", 31.0], ["高分子助剂", 31.0], ["功能高分子材料", 3.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -39.0, "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": 53, "pricing": 42, "hard": 42, "bondness": 30}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 30.1 倍、股息率 1.0%、毛利率近 5 年中位 16.9%、固定资产占比 26%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 26%,毛利率近 5 年中位 16.9%。", "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 -1.2%(经营现金流/市值 4.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.9%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -9.7 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 26%,资本开支/折旧 5.58 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 30.1 倍 粗算,约 83%(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「塑料」77 家中位:PE 41.1 / 股息率 0.7% / 毛利率 16.9% / 固定资产占比 32% / 分红率 40%。", "能之光:PE 比行业中位低 11.0倍;股息率 比行业中位高 0.3个百分点;毛利率 与行业中位持平;固定资产占比 比行业中位低 5.5个百分点。"]}}