{"F": {"ts_code": "920078.BJ", "name": "族兴新材", "mkt": "CN", "ccy": "元", "sw1": "有色金属", "sw2": "金属新材料", "sw3": "其他金属新材料", "ind": "金属新材料", "fin_source": "tushare", "market": "北交所", "list_date": "20260318", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 19.73, "pe_ttm": 33.9895, "pb": 2.3905, "dv_ttm": 0.5068, "total_mv": 236760.0, "trade_date": "20260904", "years": ["20191231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.5, 26.8, 20.3, 21.7, 21.3, 20.9], "rev_series": [null, null, 6.3, 6.9, 7.1, 8.0], "np_series": [null, null, 0.5, 0.9, 0.6, 0.8], "roe_series": [12.5, 10.9, 8.5, 12.8, 7.8, 10.1], "period": "20260630", "rev_ttm": 8.8, "np_ttm": 0.7, "ocf_ttm": -0.7, "fcf_ttm": -1.2, "fcf_yield": -5.0, "ocf_yield": -2.9, "gm_median": 21.3, "gm_std": 2.4, "gm_stab": 0.89, "gm_chg_2022": null, "npm_median": 10.3, "roe_median": 10.1, "commodity": false, "hard_ratio": 0.0, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 2.39, "capex_dep": null, "interest_debt": 1.2, "debt_ebitda": 1.1, "debt_ratio": 19.9, "debt_mv": 5.2, "payout": 11.9, "div_years": 1, "rev_cagr3": 8.2, "np_cagr3": 16.5, "rev_yoy": 22.9, "np_yoy": -33.9, "np_vol": 40.7, "loss_years": 0, "far_share": 85.0, "earn_yield": 2.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["微细球型铝粉", 58.0], ["铝颜料", 42.0], ["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": 57, "pricing": 49, "hard": 0, "bondness": 22}, "label": "中性", "tags": [], "text": {"像什么": ["PE 34.0 倍、股息率 0.5%、毛利率近 5 年中位 21.3%、固定资产占比 0%、有息负债/EBITDA 1.1 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 0%,毛利率近 5 年中位 21.3%。", "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 -5.0%(经营现金流/市值 -2.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.3%,稳定度 89%。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 0%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 34.0 倍 粗算,约 85%(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「金属新材料」35 家中位:PE 58.5 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 35%。", "族兴新材:PE 比行业中位低 24.5倍;股息率 与行业中位持平;毛利率 比行业中位高 3.5个百分点;固定资产占比 比行业中位低 22.9个百分点。"]}}