{"F": {"ts_code": "920107.BJ", "name": "恒兴股份", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "涂料油墨", "ind": "化学制品", "fin_source": "tushare", "market": "北交所", "list_date": "20260817", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 20.65, "pe_ttm": 15.5877, "pb": 2.53, "dv_ttm": null, "total_mv": 173212.2, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.8, 36.3, 36.8, 35.5], "rev_series": [6.5, 7.6, 8.8, 8.1], "np_series": [0.5, 1.1, 1.1, 1.1], "roe_series": [13.6, 28.2, 21.7, 17.5], "period": "20260630", "rev_ttm": 8.4, "np_ttm": 1.1, "ocf_ttm": 1.4, "fcf_ttm": 0.2, "fcf_yield": 1.4, "ocf_yield": 8.2, "gm_median": 35.9, "gm_std": 5.0, "gm_stab": 0.86, "gm_chg_2022": null, "npm_median": 13.2, "roe_median": 19.6, "commodity": false, "hard_ratio": 23.8, "fix_assets": 3.4, "goodwill_ratio": 0.0, "pb_calc": 2.33, "capex_dep": 6.42, "interest_debt": 1.9, "debt_ebitda": 1.3, "debt_ratio": 48.0, "debt_mv": 11.0, "payout": null, "div_years": 0, "rev_cagr3": 7.7, "np_cagr3": 34.1, "rev_yoy": 5.5, "np_yoy": 2.5, "np_vol": 69.0, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["UV涂料", 90.0], ["PUR热熔胶", 6.0], ["其他主营业务", 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": 32, "pricing": 56, "hard": 38, "bondness": 16}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 15.6 倍、股息率 —、毛利率近 5 年中位 35.9%、固定资产占比 24%、有息负债/EBITDA 1.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 35.9%),硬资产占比 24%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 8.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.9%,稳定度 86%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 24%,资本开支/折旧 6.42 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.6 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "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%。", "恒兴股份:PE 比行业中位低 20.3倍;股息率 ;毛利率 比行业中位高 13.6个百分点;固定资产占比 比行业中位低 10.7个百分点。"]}}