{"F": {"ts_code": "300387.SZ", "name": "富邦科技", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "农化制品", "sw3": "复合肥", "ind": "农化制品", "fin_source": "tushare", "market": "创业板", "list_date": "20140702", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.66, "pe_ttm": 41.6445, "pb": 1.5296, "dv_ttm": 0.7833, "total_mv": 221417.662, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.8, 28.0, 24.8, 25.7, 27.8, 25.0], "rev_series": [6.5, 6.8, 8.5, 10.5, 12.4, 13.8], "np_series": [0.7, 0.4, 0.5, 0.7, 0.9, 0.6], "roe_series": [5.7, 3.3, 4.4, 5.6, 7.0, 4.2], "period": "20260630", "rev_ttm": 13.7, "np_ttm": 0.5, "ocf_ttm": 1.1, "fcf_ttm": 0.9, "fcf_yield": 4.3, "ocf_yield": 4.8, "gm_median": 25.7, "gm_std": 1.4, "gm_stab": 0.95, "gm_chg_2022": -6.0, "npm_median": 6.4, "roe_median": 4.4, "commodity": false, "hard_ratio": 14.4, "fix_assets": 2.9, "goodwill_ratio": 24.0, "pb_calc": 1.53, "capex_dep": 0.36, "interest_debt": 3.5, "debt_ebitda": 1.9, "debt_ratio": 25.8, "debt_mv": 15.8, "payout": 24.0, "div_years": 5, "rev_cagr3": 17.7, "np_cagr3": 3.2, "rev_yoy": -1.5, "np_yoy": -9.9, "np_vol": 36.0, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 3, "fwd_pe": 24.2, "fwd_pe2": 21.1, "fwd_g1": 72.0, "fwd_g2": 15.0, "peg": 1.61, "consensus_disp": null, "mainbz": [["化肥助剂收入", 42.0], ["化肥助剂", 42.0], ["生物制品", 11.0], ["化肥产品", 3.0]], "ret_prev_year": 7.4, "ret_prev2_year": -3.4, "ret_ytd": -9.3, "ret_pivot": 21.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.0, "ret_60": 2.4, "ret_120": -25.8, "ret_250": -21.4, "mdd_250": -37.0, "vol_250": 32.1, "pos_52w": 74.2}, "S": {"duration": 65, "pricing": 50, "hard": 23, "bondness": 21}, "label": "中性", "tags": ["商誉占比高"], "text": {"像什么": ["PE 41.6 倍、股息率 0.8%、毛利率近 5 年中位 25.7%、固定资产占比 14%、有息负债/EBITDA 1.9 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 14%,毛利率近 5 年中位 25.7%。", "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 4.3%(经营现金流/市值 4.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.7%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -6.0 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 14%,资本开支/折旧 0.36 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.6 倍 粗算,约 88%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -21%,最大回撤 -37%,年化波动 32%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 7% / 2% / -26%。", "行业对照": ["同申万二级「农化制品」62 家中位:PE 20.8 / 股息率 2.0% / 毛利率 19.9% / 固定资产占比 36% / 分红率 45%。", "富邦科技:PE 比行业中位高 20.8倍;股息率 比行业中位低 1.2个百分点;毛利率 比行业中位高 5.8个百分点;固定资产占比 比行业中位低 21.2个百分点。"]}}