{"F": {"ts_code": "920792.BJ", "name": "东和新材", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "装修建材", "sw3": "耐火材料", "ind": "装修建材", "fin_source": "tushare", "market": "北交所", "list_date": "20230330", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.92, "pe_ttm": 20.3809, "pb": 1.5442, "dv_ttm": 1.0081, "total_mv": 164215.68, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.1, 29.9, 32.6, 30.2, 25.4, 28.8], "rev_series": [5.2, 6.1, 6.8, 6.4, 6.8, 8.2], "np_series": [0.6, 0.9, 1.1, 0.6, 0.5, 0.8], "roe_series": [12.3, 15.4, 16.0, 7.4, 5.4, 7.5], "period": "20260630", "rev_ttm": 9.4, "np_ttm": 0.8, "ocf_ttm": 2.1, "fcf_ttm": -2.2, "fcf_yield": -13.5, "ocf_yield": 12.7, "gm_median": 29.9, "gm_std": 2.3, "gm_stab": 0.92, "gm_chg_2022": 8.5, "npm_median": 13.6, "roe_median": 7.5, "commodity": false, "hard_ratio": 29.7, "fix_assets": 6.7, "goodwill_ratio": 0.1, "pb_calc": 1.54, "capex_dep": 8.6, "interest_debt": 5.5, "debt_ebitda": 2.6, "debt_ratio": 39.9, "debt_mv": 33.4, "payout": 27.0, "div_years": 3, "rev_cagr3": 6.3, "np_cagr3": -12.2, "rev_yoy": 39.4, "np_yoy": 15.1, "np_vol": 35.3, "loss_years": 0, "far_share": 75.0, "earn_yield": 4.9, "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], ["镁质功能性材料", 36.0], ["耐火制品", 8.0], ["镁矿石", 4.0]], "ret_prev_year": 36.8, "ret_prev2_year": 9.5, "ret_ytd": -16.8, "ret_pivot": 85.2, "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": 40, "pricing": 58, "hard": 48, "bondness": 37}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 20.4 倍、股息率 1.0%、毛利率近 5 年中位 29.9%、固定资产占比 30%、有息负债/EBITDA 2.6 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 30%,毛利率近 5 年中位 29.9%。", "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 -13.5%(经营现金流/市值 12.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.9%,稳定度 92%,2020→2022 成本通胀期毛利率变化 8.5 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 30%,资本开支/折旧 8.60 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.4 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「装修建材」39 家中位:PE 36.1 / 股息率 1.6% / 毛利率 20.7% / 固定资产占比 21% / 分红率 51%。", "东和新材:PE 比行业中位低 15.7倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位高 9.2个百分点;固定资产占比 比行业中位高 8.9个百分点。"]}}