{"F": {"ts_code": "920258.BJ", "name": "聚仁新材", "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": "20260803", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.4, "pe_ttm": 37.4408, "pb": 5.6252, "dv_ttm": null, "total_mv": 456000.0, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.6, 43.4, 28.6, 32.1], "rev_series": [1.9, 2.8, 4.8, 6.4], "np_series": [0.5, 0.7, 0.8, 1.2], "roe_series": [9.2, 13.3, 12.9, 16.3], "period": "20260630", "rev_ttm": 7.1, "np_ttm": 1.6, "ocf_ttm": 2.0, "fcf_ttm": 1.6, "fcf_yield": 3.5, "ocf_yield": 4.3, "gm_median": 36.9, "gm_std": 6.2, "gm_stab": 0.83, "gm_chg_2022": null, "npm_median": 21.9, "roe_median": 13.1, "commodity": false, "hard_ratio": 41.8, "fix_assets": 4.3, "goodwill_ratio": 0.0, "pb_calc": 5.02, "capex_dep": 0.88, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 11.2, "debt_mv": 0.1, "payout": null, "div_years": 0, "rev_cagr3": 49.1, "np_cagr3": 37.1, "rev_yoy": 24.6, "np_yoy": 55.0, "np_vol": 19.0, "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": [["己内酯衍生物", 68.0], ["己内酯", 30.0], ["副产品及其他", 1.0], ["农、副产品", 1.0]], "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": 55, "hard": 67, "bondness": 0}, "label": "中性", "tags": [], "text": {"像什么": ["PE 37.4 倍、股息率 —、毛利率近 5 年中位 36.9%、固定资产占比 42%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 42%),没有定价权:毛利率近 5 年中位 36.9%,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 3.5%(经营现金流/市值 4.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.9%,稳定度 83%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 42%,资本开支/折旧 0.88 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 37.4 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%。", "聚仁新材:PE 比行业中位高 1.5倍;股息率 ;毛利率 比行业中位高 14.6个百分点;固定资产占比 比行业中位高 7.3个百分点。"]}}