{"F": {"ts_code": "920751.BJ", "name": "惠同新材", "mkt": "CN", "ccy": "元", "sw1": "有色金属", "sw2": "金属新材料", "sw3": "其他金属新材料", "ind": "金属新材料", "fin_source": "tushare", "market": "北交所", "list_date": "20230717", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 16.03, "pe_ttm": 29.817, "pb": 3.3707, "dv_ttm": 0.9357, "total_mv": 139108.34, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.4, 38.9, 37.0, 39.1, 37.9, 40.2], "rev_series": [1.6, 1.8, 1.9, 1.9, 2.2, 2.3], "np_series": [0.2, 0.3, 0.3, 0.3, 0.4, 0.5], "roe_series": [10.2, 13.6, 15.7, 11.7, 10.6, 11.9], "period": "20260630", "rev_ttm": 2.4, "np_ttm": 0.5, "ocf_ttm": 0.5, "fcf_ttm": 0.4, "fcf_yield": 3.1, "ocf_yield": 3.8, "gm_median": 38.9, "gm_std": 1.1, "gm_stab": 0.97, "gm_chg_2022": -0.4, "npm_median": 18.1, "roe_median": 11.9, "commodity": false, "hard_ratio": 17.8, "fix_assets": 0.9, "goodwill_ratio": 0.0, "pb_calc": 3.37, "capex_dep": 0.84, "interest_debt": 0.4, "debt_ebitda": 0.6, "debt_ratio": 16.6, "debt_mv": 2.6, "payout": 63.8, "div_years": 3, "rev_cagr3": 7.3, "np_cagr3": 11.7, "rev_yoy": 12.1, "np_yoy": 0.9, "np_vol": 11.7, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["金属纤维及制品", 34.0], ["金属纤维制品", 34.0], ["金属纤维", 27.0], ["其他主营业务", 2.0]], "ret_prev_year": 74.8, "ret_prev2_year": 18.9, "ret_ytd": -22.6, "ret_pivot": 108.9, "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": 53, "pricing": 61, "hard": 28, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 29.8 倍、股息率 0.9%、毛利率近 5 年中位 38.9%、固定资产占比 18%、有息负债/EBITDA 0.6 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 38.9%),硬资产占比 18%。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 3.1%(经营现金流/市值 3.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.9%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -0.4 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 18%,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 29.8 倍 粗算,约 83%(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「金属新材料」35 家中位:PE 58.5 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 35%。", "惠同新材:PE 比行业中位低 28.7倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位高 21.1个百分点;固定资产占比 比行业中位低 5.1个百分点。"]}}