{"F": {"ts_code": "920189.BJ", "name": "康美特", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "半导体材料", "ind": "半导体", "fin_source": "tushare", "market": "北交所", "list_date": "20260708", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.14, "pe_ttm": 31.5392, "pb": 4.9563, "dv_ttm": null, "total_mv": 313081.74, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.4, 23.5, 31.2, 36.2, 38.9, 40.8], "rev_series": [null, null, 3.4, 3.8, 4.2, 4.7], "np_series": [null, null, 0.5, 0.5, 0.6, 0.9], "roe_series": [10.7, 12.1, 12.8, 10.7, 13.3, 15.8], "period": "20260630", "rev_ttm": 5.2, "np_ttm": 1.0, "ocf_ttm": 0.6, "fcf_ttm": 0.4, "fcf_yield": 1.3, "ocf_yield": 1.8, "gm_median": 36.2, "gm_std": 6.2, "gm_stab": 0.83, "gm_chg_2022": 5.8, "npm_median": 14.1, "roe_median": 12.8, "commodity": false, "hard_ratio": 35.6, "fix_assets": 2.6, "goodwill_ratio": 0.0, "pb_calc": 4.96, "capex_dep": 0.61, "interest_debt": 0.2, "debt_ebitda": 0.1, "debt_ratio": 13.2, "debt_mv": 0.5, "payout": null, "div_years": 0, "rev_cagr3": 11.2, "np_cagr3": 21.2, "rev_yoy": 21.8, "np_yoy": 39.3, "np_vol": 23.6, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["电子封装材料", 51.0], ["高性能改性塑料", 49.0], ["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": 55, "pricing": 58, "hard": 57, "bondness": 9}, "label": "中性", "tags": [], "text": {"像什么": ["PE 31.5 倍、股息率 —、毛利率近 5 年中位 36.2%、固定资产占比 36%、有息负债/EBITDA 0.1 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 36%),没有定价权:毛利率近 5 年中位 36.2%,稳定度 83%。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 1.3%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.2%,稳定度 83%,2020→2022 成本通胀期毛利率变化 5.8 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 36%,资本开支/折旧 0.61 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.5 倍 粗算,约 84%(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「半导体」186 家中位:PE 81.5 / 股息率 0.3% / 毛利率 35.0% / 固定资产占比 11% / 分红率 32%。", "康美特:PE 比行业中位低 50.0倍;股息率 ;毛利率 比行业中位高 1.2个百分点;固定资产占比 比行业中位高 24.2个百分点。"]}}