{"F": {"ts_code": "920099.BJ", "name": "瑞华技术", "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": "20240925", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 18.3, "pe_ttm": 28.068, "pb": 1.9501, "dv_ttm": 0.9107, "total_mv": 172166.3945, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.5, 72.4, 42.7, 54.5, 39.0, 36.3], "rev_series": [null, null, 3.3, 3.9, 5.6, 5.8], "np_series": [null, null, 0.8, 1.1, 1.2, 1.1], "roe_series": [27.5, 11.5, 20.9, 26.6, 18.3, 12.2], "period": "20260630", "rev_ttm": 5.0, "np_ttm": 0.6, "ocf_ttm": -0.6, "fcf_ttm": -1.2, "fcf_yield": -7.0, "ocf_yield": -3.5, "gm_median": 42.7, "gm_std": 13.3, "gm_stab": 0.69, "gm_chg_2022": 4.2, "npm_median": 24.1, "roe_median": 18.3, "commodity": false, "hard_ratio": 31.9, "fix_assets": 4.0, "goodwill_ratio": 0.0, "pb_calc": 1.95, "capex_dep": 2.26, "interest_debt": 1.2, "debt_ebitda": 1.1, "debt_ratio": 29.9, "debt_mv": 7.1, "payout": 26.8, "div_years": 2, "rev_cagr3": 21.2, "np_cagr3": 10.8, "rev_yoy": -47.7, "np_yoy": -184.6, "np_vol": 53.9, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 3, "fwd_pe": 21.1, "fwd_pe2": 13.1, "fwd_g1": 33.0, "fwd_g2": 61.0, "peg": 0.35, "consensus_disp": null, "mainbz": [["催化剂", 85.0], ["设备", 7.0], ["专利专有及通用设备销售", 7.0], ["其他业务", 1.0]], "ret_prev_year": 14.7, "ret_prev2_year": null, "ret_ytd": -32.8, "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": 50, "pricing": 56, "hard": 51, "bondness": 18}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 28.1 倍、股息率 0.9%、毛利率近 5 年中位 42.7%、固定资产占比 32%、有息负债/EBITDA 1.1 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 32%),没有定价权:毛利率近 5 年中位 42.7%,稳定度 69%。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 -7.0%(经营现金流/市值 -3.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.7%,稳定度 69%,2020→2022 成本通胀期毛利率变化 4.2 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 32%,资本开支/折旧 2.26 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.1 倍 粗算,约 82%(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「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%。", "瑞华技术:PE 比行业中位低 7.8倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 20.4个百分点;固定资产占比 比行业中位低 2.6个百分点。"]}}