{"F": {"ts_code": "920076.BJ", "name": "国亮新材", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "装修建材", "sw3": "耐火材料", "ind": "装修建材", "fin_source": "tushare", "market": "北交所", "list_date": "20260122", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 13.13, "pe_ttm": 18.4099, "pb": 1.5445, "dv_ttm": 1.632, "total_mv": 153736.9208, "trade_date": "20260904", "years": ["20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.5, 17.4, 24.1, 21.2, 20.5], "rev_series": [null, 9.4, 9.8, 9.0, 10.6], "np_series": [null, 0.4, 0.8, 0.7, 0.8], "roe_series": [3.0, 7.3, 13.7, 10.3, 10.4], "period": "20260630", "rev_ttm": 11.7, "np_ttm": 0.8, "ocf_ttm": 0.7, "fcf_ttm": 0.5, "fcf_yield": 3.3, "ocf_yield": 4.3, "gm_median": 20.5, "gm_std": 2.8, "gm_stab": 0.87, "gm_chg_2022": null, "npm_median": 7.5, "roe_median": 10.3, "commodity": false, "hard_ratio": 11.8, "fix_assets": 2.4, "goodwill_ratio": 0.0, "pb_calc": 1.54, "capex_dep": 0.57, "interest_debt": 3.5, "debt_ebitda": 2.6, "debt_ratio": 50.2, "debt_mv": 22.6, "payout": 24.8, "div_years": 1, "rev_cagr3": 4.2, "np_cagr3": 25.3, "rev_yoy": 20.5, "np_yoy": 10.1, "np_vol": 68.1, "loss_years": 0, "far_share": 73.0, "earn_yield": 5.4, "consensus_n": 3, "fwd_pe": 15.0, "fwd_pe2": 12.6, "fwd_g1": 22.0, "fwd_g2": 19.0, "peg": 0.79, "consensus_disp": null, "mainbz": [["产品", 50.0], ["耐火材料整体承包", 47.0], ["耐火材料直销", 3.0], ["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": 37, "pricing": 48, "hard": 19, "bondness": 42}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 18.4 倍、股息率 1.6%、毛利率近 5 年中位 20.5%、固定资产占比 12%、有息负债/EBITDA 2.6 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 12%,毛利率近 5 年中位 20.5%。", "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 3.3%(经营现金流/市值 4.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.5%,稳定度 87%。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 12%,资本开支/折旧 0.57 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.4 倍 粗算,约 73%(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「装修建材」39 家中位:PE 36.1 / 股息率 1.6% / 毛利率 20.7% / 固定资产占比 21% / 分红率 51%。", "国亮新材:PE 比行业中位低 17.7倍;股息率 与行业中位持平;毛利率 比行业中位低 0.2个百分点;固定资产占比 比行业中位低 9.0个百分点。"]}}