{"F": {"ts_code": "920519.BJ", "name": "万德股份", "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": "20230915", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.21, "pe_ttm": 23.8141, "pb": 1.8732, "dv_ttm": 1.3215, "total_mv": 100058.3346, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.2, 12.8, 21.6, 20.1, 18.9, 21.6], "rev_series": [3.6, 5.1, 5.6, 5.8, 5.3, 4.2], "np_series": [0.4, 0.1, 0.6, 0.5, 0.3, 0.2], "roe_series": [19.0, 5.4, 20.3, 13.5, 6.0, 3.9], "period": "20260630", "rev_ttm": 5.1, "np_ttm": 0.4, "ocf_ttm": 0.6, "fcf_ttm": 0.5, "fcf_yield": 4.5, "ocf_yield": 6.3, "gm_median": 20.1, "gm_std": 3.2, "gm_stab": 0.84, "gm_chg_2022": -7.6, "npm_median": 5.8, "roe_median": 6.0, "commodity": false, "hard_ratio": 27.2, "fix_assets": 1.7, "goodwill_ratio": 0.0, "pb_calc": 1.87, "capex_dep": 0.9, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 12.0, "debt_mv": null, "payout": 41.1, "div_years": 3, "rev_cagr3": -9.2, "np_cagr3": -28.8, "rev_yoy": 47.2, "np_yoy": 427.0, "np_vol": 145.6, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["硝酸异辛酯", 34.0], ["柴油抗磨剂", 6.0], ["其他主营业务", 3.0]], "ret_prev_year": 25.6, "ret_prev2_year": -12.3, "ret_ytd": -5.5, "ret_pivot": 70.6, "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": 45, "pricing": 43, "hard": 44, "bondness": 45}, "label": "中性", "tags": [], "text": {"像什么": ["PE 23.8 倍、股息率 1.3%、毛利率近 5 年中位 20.1%、固定资产占比 27%、资产负债率 12%: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 27%,毛利率近 5 年中位 20.1%。", "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 4.5%(经营现金流/市值 6.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.1%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -7.6 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 27%,资本开支/折旧 0.90 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.8 倍 粗算,约 79%(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%。", "万德股份:PE 比行业中位低 12.1倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位低 2.2个百分点;固定资产占比 比行业中位低 7.3个百分点。"]}}