{"F": {"ts_code": "920288.BJ", "name": "华大海天", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "造纸", "sw3": "特种纸", "ind": "造纸", "fin_source": "tushare", "market": "北交所", "list_date": "20260828", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 18.9, "pe_ttm": 19.7111, "pb": 2.47, "dv_ttm": null, "total_mv": 137743.2, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.6, 26.6, 23.2, 22.6], "rev_series": [4.5, 5.0, 5.4, 6.0], "np_series": [0.5, 0.9, 0.6, 0.7], "roe_series": [15.2, 22.3, 13.5, 13.4], "period": "20260630", "rev_ttm": 6.4, "np_ttm": 0.8, "ocf_ttm": 1.2, "fcf_ttm": 1.1, "fcf_yield": 7.9, "ocf_yield": 8.4, "gm_median": 22.9, "gm_std": 1.6, "gm_stab": 0.93, "gm_chg_2022": null, "npm_median": 11.6, "roe_median": 14.4, "commodity": false, "hard_ratio": 29.0, "fix_assets": 2.3, "goodwill_ratio": 0.0, "pb_calc": 2.32, "capex_dep": 0.33, "interest_debt": 0.2, "debt_ebitda": 0.2, "debt_ratio": 26.4, "debt_mv": 1.7, "payout": null, "div_years": 0, "rev_cagr3": 10.3, "np_cagr3": 10.7, "rev_yoy": 15.5, "np_yoy": 24.3, "np_vol": 37.9, "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": [["数码纸基新材料", 50.0], ["水性墨材料", 25.0], ["食品包装材料", 19.0], ["其他业务", 5.0]], "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": 52, "hard": 46, "bondness": 10}, "label": "中性", "tags": [], "text": {"像什么": ["PE 19.7 倍、股息率 —、毛利率近 5 年中位 22.9%、固定资产占比 29%、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 29%,毛利率近 5 年中位 22.9%。", "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 7.9%(经营现金流/市值 8.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.9%,稳定度 93%。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 29%,资本开支/折旧 0.33 倍。有一些。"], ["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「造纸」25 家中位:PE 21.5 / 股息率 1.2% / 毛利率 13.1% / 固定资产占比 50% / 分红率 33%。", "华大海天:PE 比行业中位低 1.8倍;股息率 ;毛利率 比行业中位高 9.8个百分点;固定资产占比 比行业中位低 20.9个百分点。"]}}