{"F": {"ts_code": "920193.BJ", "name": "吉和昌", "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": "20260702", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 30.78, "pe_ttm": 37.5422, "pb": 4.4167, "dv_ttm": null, "total_mv": 342676.2024, "trade_date": "20260904", "years": ["20191231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.7, 31.1, 31.6, 27.3, 28.6], "rev_series": [null, 4.3, 4.4, 5.2, 5.3], "np_series": [null, 0.6, 0.6, 0.6, 0.7], "roe_series": [7.4, 15.7, 14.5, 13.1, 13.8], "period": "20260630", "rev_ttm": 5.9, "np_ttm": 0.9, "ocf_ttm": 0.6, "fcf_ttm": 0.5, "fcf_yield": 1.4, "ocf_yield": 1.8, "gm_median": 29.7, "gm_std": 1.6, "gm_stab": 0.95, "gm_chg_2022": null, "npm_median": 12.3, "roe_median": 13.8, "commodity": false, "hard_ratio": 26.2, "fix_assets": 2.6, "goodwill_ratio": 0.0, "pb_calc": 4.42, "capex_dep": 0.44, "interest_debt": 0.3, "debt_ebitda": 0.2, "debt_ratio": 22.3, "debt_mv": 0.7, "payout": null, "div_years": 0, "rev_cagr3": 7.4, "np_cagr3": 5.2, "rev_yoy": 24.6, "np_yoy": 83.7, "np_vol": 11.7, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["新能源电池材料", 35.0], ["表面活性剂", 22.0], ["特种表面活性剂", 22.0], ["表面工程化学品", 19.0]], "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": 61, "pricing": 56, "hard": 42, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 37.5 倍、股息率 —、毛利率近 5 年中位 29.7%、固定资产占比 26%、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 26%,毛利率近 5 年中位 29.7%。", "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 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 29.7%,稳定度 95%。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 26%,资本开支/折旧 0.44 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 37.5 倍 粗算,约 87%(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%。", "吉和昌:PE 比行业中位高 1.6倍;股息率 ;毛利率 比行业中位高 7.4个百分点;固定资产占比 比行业中位低 8.3个百分点。"]}}