{"F": {"ts_code": "920083.BJ", "name": "金戈新材", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "非金属材料Ⅱ", "sw3": "非金属材料Ⅲ", "ind": "非金属材料Ⅱ", "fin_source": "tushare", "market": "北交所", "list_date": "20260611", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 36.72, "pe_ttm": 51.0937, "pb": 5.0107, "dv_ttm": null, "total_mv": 327797.5085, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.6, 25.3, 24.2, 22.4], "rev_series": [4.2, 3.8, 4.7, 5.3], "np_series": [0.5, 0.4, 0.5, 0.6], "roe_series": [18.5, 14.2, 13.2, 13.9], "period": "20260630", "rev_ttm": 5.6, "np_ttm": 0.6, "ocf_ttm": 0.7, "fcf_ttm": 0.5, "fcf_yield": 1.4, "ocf_yield": 2.2, "gm_median": 23.9, "gm_std": 1.1, "gm_stab": 0.96, "gm_chg_2022": null, "npm_median": 10.8, "roe_median": 14.1, "commodity": false, "hard_ratio": 19.4, "fix_assets": 1.5, "goodwill_ratio": 0.0, "pb_calc": 5.01, "capex_dep": 1.66, "interest_debt": 0.2, "debt_ebitda": 0.2, "debt_ratio": 13.8, "debt_mv": 0.5, "payout": null, "div_years": 0, "rev_cagr3": 8.6, "np_cagr3": 8.3, "rev_yoy": 11.0, "np_yoy": 28.0, "np_vol": 13.0, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["导热粉体材料", 31.0], ["阻燃粉体材料", 14.0], ["吸波粉体材料", 4.0]], "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": 72, "pricing": 53, "hard": 31, "bondness": 12}, "label": "中性", "tags": [], "text": {"像什么": ["PE 51.1 倍、股息率 —、毛利率近 5 年中位 23.9%、固定资产占比 19%、有息负债/EBITDA 0.2 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 19%,毛利率近 5 年中位 23.9%。", "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 1.4%(经营现金流/市值 2.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.9%,稳定度 96%。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 19%,资本开支/折旧 1.66 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 51.1 倍 粗算,约 90%(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「非金属材料Ⅱ」14 家中位:PE 54.2 / 股息率 0.9% / 毛利率 26.6% / 固定资产占比 35% / 分红率 41%。", "金戈新材:PE 比行业中位低 3.1倍;股息率 ;毛利率 比行业中位低 2.7个百分点;固定资产占比 比行业中位低 15.8个百分点。"]}}