{"F": {"ts_code": "920206.BJ", "name": "彩客科技", "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": "20260608", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 44.7, "pe_ttm": 21.925, "pb": 3.6228, "dv_ttm": null, "total_mv": 319811.6347, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.0, 25.9, 30.6, 33.1, 36.1, 40.1], "rev_series": [null, null, 3.6, 3.8, 4.5, 5.1], "np_series": [null, null, 0.8, 0.8, 1.2, 1.5], "roe_series": [16.8, 23.3, 37.3, 26.8, 29.4, 28.6], "period": "20260630", "rev_ttm": 5.3, "np_ttm": 1.5, "ocf_ttm": 1.0, "fcf_ttm": 0.8, "fcf_yield": 2.4, "ocf_yield": 3.0, "gm_median": 33.1, "gm_std": 4.8, "gm_stab": 0.85, "gm_chg_2022": -5.4, "npm_median": 23.0, "roe_median": 28.6, "commodity": false, "hard_ratio": 20.5, "fix_assets": 2.0, "goodwill_ratio": 0.0, "pb_calc": 3.62, "capex_dep": 0.84, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 7.6, "debt_mv": 0.0, "payout": null, "div_years": 0, "rev_cagr3": 12.0, "np_cagr3": 20.7, "rev_yoy": 6.9, "np_yoy": -0.6, "np_vol": 33.5, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["高性能颜料中间体系列", 38.0], ["高性能有机颜料中间体", 38.0], ["食品添加剂中间体系列", 12.0], ["食品添加剂中间体及其他", 12.0]], "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": 42, "pricing": 50, "hard": 33, "bondness": 8}, "label": "中性", "tags": [], "text": {"像什么": ["PE 21.9 倍、股息率 —、毛利率近 5 年中位 33.1%、固定资产占比 20%、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 33.1%),硬资产占比 20%。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 3.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.1%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -5.4 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 20%,资本开支/折旧 0.84 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.9 倍 粗算,约 77%(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%。", "彩客科技:PE 比行业中位低 14.0倍;股息率 ;毛利率 比行业中位高 10.8个百分点;固定资产占比 比行业中位低 14.0个百分点。"]}}