{"F": {"ts_code": "920807.BJ", "name": "奔朗新材", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "磨具磨料", "ind": "通用设备", "fin_source": "tushare", "market": "北交所", "list_date": "20221220", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.65, "pe_ttm": null, "pb": 1.9171, "dv_ttm": 1.0363, "total_mv": 175514.2, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.8, 44.0, 31.1, 29.6, 30.3, 29.4], "rev_series": [6.0, 7.7, 7.1, 5.7, 5.7, 6.0], "np_series": [0.7, 0.9, 0.6, 0.4, 0.2, 0.2], "roe_series": [12.5, 15.0, 7.7, 4.1, 2.6, 2.3], "period": "20260630", "rev_ttm": 5.8, "np_ttm": -0.0, "ocf_ttm": 0.1, "fcf_ttm": -0.3, "fcf_yield": -1.6, "ocf_yield": 0.6, "gm_median": 30.3, "gm_std": 5.6, "gm_stab": 0.82, "gm_chg_2022": -10.6, "npm_median": 6.2, "roe_median": 4.1, "commodity": false, "hard_ratio": 21.4, "fix_assets": 2.8, "goodwill_ratio": 0.1, "pb_calc": 1.92, "capex_dep": 1.63, "interest_debt": 1.3, "debt_ebitda": 3.1, "debt_ratio": 30.5, "debt_mv": 7.4, "payout": 83.3, "div_years": 4, "rev_cagr3": -5.7, "np_cagr3": -28.7, "rev_yoy": -4.0, "np_yoy": -125.0, "np_vol": 26.3, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 43.0], ["金属结合剂金刚石工具", 13.0], ["树脂结合剂金刚石工具", 13.0], ["稀土永磁材料", 11.0]], "ret_prev_year": 85.9, "ret_prev2_year": 10.0, "ret_ytd": -33.2, "ret_pivot": 117.3, "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": 100, "pricing": 48, "hard": 34, "bondness": 65}, "label": "中性", "tags": [], "text": {"像什么": ["PE —、股息率 1.0%、毛利率近 5 年中位 30.3%、固定资产占比 21%、有息负债/EBITDA 3.1 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 21%,毛利率近 5 年中位 30.3%。", "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 -1.6%(经营现金流/市值 0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.3%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -10.6 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 21%,资本开支/折旧 1.63 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "奔朗新材:PE ;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 1.8个百分点;固定资产占比 比行业中位高 0.6个百分点。"]}}