{"F": {"ts_code": "600378.SH", "name": "昊华科技", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "氟化工", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "20010111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 45.75, "pe_ttm": 34.6982, "pb": 3.1602, "dv_ttm": 0.8568, "total_mv": 5901748.6275, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.3, 27.2, 24.3, 26.7, 21.7, 25.3], "rev_series": [54.2, 74.2, 90.7, 78.5, 139.7, 166.9], "np_series": [6.5, 8.9, 11.6, 9.0, 10.5, 14.4], "roe_series": [10.5, 13.1, 15.1, 10.8, 8.2, 8.2], "period": "20260630", "rev_ttm": 186.2, "np_ttm": 17.0, "ocf_ttm": 28.9, "fcf_ttm": 18.0, "fcf_yield": 3.0, "ocf_yield": 4.9, "gm_median": 25.3, "gm_std": 1.9, "gm_stab": 0.92, "gm_chg_2022": -4.0, "npm_median": 11.5, "roe_median": 10.8, "commodity": false, "hard_ratio": 38.7, "fix_assets": 129.6, "goodwill_ratio": 0.4, "pb_calc": 3.16, "capex_dep": 0.8, "interest_debt": 33.4, "debt_ebitda": 0.9, "debt_ratio": 42.1, "debt_mv": 5.7, "payout": 35.0, "div_years": 5, "rev_cagr3": 22.6, "np_cagr3": 7.4, "rev_yoy": 24.9, "np_yoy": 39.8, "np_vol": 25.8, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.9, "consensus_n": 14, "fwd_pe": 28.0, "fwd_pe2": 23.5, "fwd_g1": 24.0, "fwd_g2": 19.0, "peg": 1.47, "consensus_disp": null, "mainbz": [["产品", 36.0], ["高端氟材料", 23.0], ["氟材料", 23.0], ["高端制造化工材料", 5.0]], "ret_prev_year": 11.8, "ret_prev2_year": -4.2, "ret_ytd": 44.9, "ret_pivot": 84.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.8, "ret_60": -28.0, "ret_120": 34.5, "ret_250": 55.9, "mdd_250": -54.1, "vol_250": 61.6, "pos_52w": 55.7}, "S": {"duration": 58, "pricing": 49, "hard": 62, "bondness": 20}, "label": "中性", "tags": [], "text": {"像什么": ["PE 34.7 倍、股息率 0.9%、毛利率近 5 年中位 25.3%、固定资产占比 39%、有息负债/EBITDA 0.9 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 39%),没有定价权:毛利率近 5 年中位 25.3%,稳定度 92%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 3.0%(经营现金流/市值 4.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.3%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -4.0 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 39%,资本开支/折旧 0.80 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 34.7 倍 粗算,约 86%(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 56%,最大回撤 -54%,年化波动 62%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -7% / -28% / 34%。", "行业对照": ["同申万二级「化学制品」188 家中位:PE 35.9 / 股息率 1.1% / 毛利率 22.3% / 固定资产占比 34% / 分红率 41%。", "昊华科技:PE 比行业中位低 1.2倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 3.0个百分点;固定资产占比 比行业中位高 4.2个百分点。"]}}