{"F": {"ts_code": "301196.SZ", "name": "唯科科技", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "塑料", "sw3": "其他塑料制品", "ind": "塑料", "fin_source": "tushare", "market": "创业板", "list_date": "20220111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 78.88, "pe_ttm": 52.3225, "pb": 3.8935, "dv_ttm": 1.2631, "total_mv": 1295315.2992, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.9, 33.9, 33.0, 31.6, 29.0, 29.8], "rev_series": [9.1, 11.6, 9.6, 13.4, 18.2, 22.0], "np_series": [1.6, 1.9, 1.6, 1.7, 2.2, 2.6], "roe_series": [19.6, 18.7, 8.0, 5.6, 7.1, 7.9], "period": "20260630", "rev_ttm": 25.2, "np_ttm": 2.5, "ocf_ttm": 3.4, "fcf_ttm": 0.4, "fcf_yield": 0.3, "ocf_yield": 2.6, "gm_median": 31.6, "gm_std": 1.9, "gm_stab": 0.94, "gm_chg_2022": -2.9, "npm_median": 13.1, "roe_median": 7.9, "commodity": false, "hard_ratio": 23.3, "fix_assets": 11.7, "goodwill_ratio": 0.8, "pb_calc": 3.89, "capex_dep": 2.12, "interest_debt": 3.1, "debt_ebitda": 0.6, "debt_ratio": 29.0, "debt_mv": 2.4, "payout": 63.1, "div_years": 5, "rev_cagr3": 32.0, "np_cagr3": 16.3, "rev_yoy": 28.8, "np_yoy": -6.3, "np_vol": 15.7, "loss_years": 0, "far_share": 90.0, "earn_yield": 1.9, "consensus_n": 2, "fwd_pe": 35.1, "fwd_pe2": 26.3, "fwd_g1": 49.0, "fwd_g2": 33.0, "peg": 1.06, "consensus_disp": null, "mainbz": [["产品", 34.0], ["注塑产品", 16.0], ["注塑", 16.0], ["健康产品收入", 11.0]], "ret_prev_year": 156.0, "ret_prev2_year": -0.4, "ret_ytd": 29.4, "ret_pivot": 301.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.9, "ret_60": -35.2, "ret_120": 17.5, "ret_250": 7.4, "mdd_250": -62.2, "vol_250": 82.3, "pos_52w": 49.2}, "S": {"duration": 73, "pricing": 54, "hard": 37, "bondness": 31}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 52.3 倍、股息率 1.3%、毛利率近 5 年中位 31.6%、固定资产占比 23%、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 31.6%),硬资产占比 23%。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 0.3%(经营现金流/市值 2.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.6%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -2.9 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 23%,资本开支/折旧 2.12 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 52.3 倍 粗算,约 90%(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 7%,最大回撤 -62%,年化波动 82%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -4% / -35% / 18%。", "行业对照": ["同申万二级「塑料」77 家中位:PE 41.1 / 股息率 0.7% / 毛利率 16.9% / 固定资产占比 32% / 分红率 40%。", "唯科科技:PE 比行业中位高 11.2倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 14.7个百分点;固定资产占比 比行业中位低 8.6个百分点。"]}}