{"F": {"ts_code": "301491.SZ", "name": "汉桑科技", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "消费电子零部件及组装", "ind": "消费电子", "fin_source": "tushare", "market": "创业板", "list_date": "20250806", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 38.84, "pe_ttm": 27.4556, "pb": 2.3049, "dv_ttm": 0.448, "total_mv": 501036.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.0, 28.0, 28.5, 29.9, 32.5, 26.3], "rev_series": [null, null, 13.9, 10.3, 14.5, 18.3], "np_series": [null, null, 1.9, 1.4, 2.5, 2.2], "roe_series": [26.3, 30.2, 34.3, 18.6, 27.1, 13.9], "period": "20260630", "rev_ttm": 18.8, "np_ttm": 1.8, "ocf_ttm": 1.2, "fcf_ttm": 0.6, "fcf_yield": 1.2, "ocf_yield": 2.4, "gm_median": 28.5, "gm_std": 2.1, "gm_stab": 0.93, "gm_chg_2022": -8.5, "npm_median": 13.2, "roe_median": 27.1, "commodity": false, "hard_ratio": 4.9, "fix_assets": 1.3, "goodwill_ratio": 0.0, "pb_calc": 2.3, "capex_dep": 3.98, "interest_debt": 0.6, "debt_ebitda": 0.2, "debt_ratio": 20.4, "debt_mv": 1.1, "payout": 8.6, "div_years": 1, "rev_cagr3": 9.8, "np_cagr3": 5.6, "rev_yoy": 6.3, "np_yoy": -43.4, "np_vol": 47.6, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["智能AIoT产品线", 19.0], ["创新音频产品", 19.0], ["高性能音频产品", 13.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -30.5, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.8, "ret_60": -4.5, "ret_120": -29.4, "ret_250": -41.6, "mdd_250": -52.3, "vol_250": 32.8, "pos_52w": 51.0}, "S": {"duration": 50, "pricing": 51, "hard": 8, "bondness": 16}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 27.5 倍、股息率 0.4%、毛利率近 5 年中位 28.5%、固定资产占比 5%、有息负债/EBITDA 0.2 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 5%,毛利率近 5 年中位 28.5%。", "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 1.2%(经营现金流/市值 2.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.5%,稳定度 93%,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 5%,资本开支/折旧 3.98 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 27.5 倍 粗算,约 82%(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 -42%,最大回撤 -52%,年化波动 33%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 -1% / -4% / -29%。", "行业对照": ["同申万二级「消费电子」100 家中位:PE 46.5 / 股息率 0.7% / 毛利率 20.3% / 固定资产占比 25% / 分红率 44%。", "汉桑科技:PE 比行业中位低 19.0倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 8.2个百分点;固定资产占比 比行业中位低 19.9个百分点。"]}}