{"F": {"ts_code": "920675.BJ", "name": "秉扬科技", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "非金属材料Ⅱ", "sw3": "非金属材料Ⅲ", "ind": "非金属材料Ⅱ", "fin_source": "tushare", "market": "北交所", "list_date": "20201228", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.82, "pe_ttm": 36.8323, "pb": 2.2361, "dv_ttm": 2.5575, "total_mv": 134632.248, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.6, 31.5, 23.5, 21.7, 18.1, 19.2], "rev_series": [3.8, 3.0, 4.7, 5.4, 6.1, 5.3], "np_series": [0.6, 0.6, 0.6, 0.7, 0.5, 0.5], "roe_series": [17.6, 12.3, 11.6, 12.2, 8.5, 7.8], "period": "20260630", "rev_ttm": 4.8, "np_ttm": 0.4, "ocf_ttm": 1.0, "fcf_ttm": 0.9, "fcf_yield": 6.5, "ocf_yield": 7.2, "gm_median": 21.7, "gm_std": 4.7, "gm_stab": 0.78, "gm_chg_2022": -2.1, "npm_median": 12.7, "roe_median": 11.6, "commodity": false, "hard_ratio": 23.7, "fix_assets": 2.0, "goodwill_ratio": 0.0, "pb_calc": 2.24, "capex_dep": 0.56, "interest_debt": 0.9, "debt_ebitda": 1.5, "debt_ratio": 26.9, "debt_mv": 7.0, "payout": 67.8, "div_years": 5, "rev_cagr3": 4.2, "np_cagr3": -8.0, "rev_yoy": -18.3, "np_yoy": -32.3, "np_vol": 12.7, "loss_years": 0, "far_share": 86.0, "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": [["产品", 49.0], ["石英砂", 26.0], ["陶粒", 22.0], ["石油开采助剂及其他", 1.0]], "ret_prev_year": 20.0, "ret_prev2_year": 12.6, "ret_ytd": -18.8, "ret_pivot": 63.0, "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": 60, "pricing": 44, "hard": 38, "bondness": 59}, "label": "中性", "tags": [], "text": {"像什么": ["PE 36.8 倍、股息率 2.6%、毛利率近 5 年中位 21.7%、固定资产占比 24%、有息负债/EBITDA 1.5 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 24%,毛利率近 5 年中位 21.7%。", "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 6.5%(经营现金流/市值 7.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.7%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -2.1 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 24%,资本开支/折旧 0.56 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 36.8 倍 粗算,约 86%(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「非金属材料Ⅱ」14 家中位:PE 54.2 / 股息率 0.9% / 毛利率 26.6% / 固定资产占比 35% / 分红率 41%。", "秉扬科技:PE 比行业中位低 17.4倍;股息率 比行业中位高 1.7个百分点;毛利率 比行业中位低 4.9个百分点;固定资产占比 比行业中位低 11.5个百分点。"]}}