{"F": {"ts_code": "920191.BJ", "name": "瑞尔竞达", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "装修建材", "sw3": "耐火材料", "ind": "装修建材", "fin_source": "tushare", "market": "北交所", "list_date": "20260420", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.08, "pe_ttm": 19.706, "pb": 1.55, "dv_ttm": null, "total_mv": 161075.0232, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.5, 37.4, 32.3, 37.7, 39.7, 38.9], "rev_series": [null, null, 4.0, 4.7, 4.8, 4.8], "np_series": [null, null, 0.6, 0.9, 0.8, 0.9], "roe_series": [18.4, 17.8, 14.8, 20.5, 15.6, 14.6], "period": "20260630", "rev_ttm": 4.9, "np_ttm": 0.8, "ocf_ttm": 0.3, "fcf_ttm": -0.4, "fcf_yield": -2.4, "ocf_yield": 1.8, "gm_median": 37.7, "gm_std": 2.6, "gm_stab": 0.93, "gm_chg_2022": -9.3, "npm_median": 19.4, "roe_median": 15.6, "commodity": false, "hard_ratio": 12.6, "fix_assets": 1.5, "goodwill_ratio": 0.0, "pb_calc": 1.55, "capex_dep": 17.05, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 15.3, "debt_mv": 0.3, "payout": null, "div_years": 0, "rev_cagr3": 5.9, "np_cagr3": 15.7, "rev_yoy": 4.1, "np_yoy": -19.0, "np_vol": 23.2, "loss_years": 0, "far_share": 75.0, "earn_yield": 5.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["高炉功能性消耗材料", 49.0], ["高炉本体内衬", 29.0], ["其它不定形耐火制品", 10.0], ["其他不定形耐火制品", 10.0]], "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": 39, "pricing": 55, "hard": 20, "bondness": 14}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 19.7 倍、股息率 —、毛利率近 5 年中位 37.7%、固定资产占比 13%、有息负债/EBITDA 0.0 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 37.7%),硬资产占比 13%。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 -2.4%(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 37.7%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -9.3 个百分点。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 13%,资本开支/折旧 17.05 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.7 倍 粗算,约 75%(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「装修建材」39 家中位:PE 36.1 / 股息率 1.6% / 毛利率 20.7% / 固定资产占比 21% / 分红率 51%。", "瑞尔竞达:PE 比行业中位低 16.4倍;股息率 ;毛利率 比行业中位高 17.0个百分点;固定资产占比 比行业中位低 8.2个百分点。"]}}