{"F": {"ts_code": "603192.SH", "name": "汇得科技", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "聚氨酯", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "20180828", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 18.99, "pe_ttm": 44.1285, "pb": 1.4539, "dv_ttm": 1.3171, "total_mv": 317342.6496, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.9, 10.7, 9.6, 10.5, 13.7, 14.5], "rev_series": [15.0, 31.9, 30.2, 27.1, 26.7, 24.7], "np_series": [1.2, 1.2, 0.6, 0.6, 1.2, 0.8], "roe_series": [9.9, 8.9, 4.5, 4.5, 8.3, 5.2], "period": "20260630", "rev_ttm": 25.8, "np_ttm": 0.7, "ocf_ttm": 2.1, "fcf_ttm": 1.7, "fcf_yield": 5.4, "ocf_yield": 6.6, "gm_median": 10.7, "gm_std": 1.9, "gm_stab": 0.82, "gm_chg_2022": -9.3, "npm_median": 3.3, "roe_median": 5.2, "commodity": false, "hard_ratio": 12.3, "fix_assets": 3.5, "goodwill_ratio": 0.0, "pb_calc": 1.45, "capex_dep": 0.61, "interest_debt": 0.5, "debt_ebitda": 0.3, "debt_ratio": 24.1, "debt_mv": 1.4, "payout": 41.7, "div_years": 5, "rev_cagr3": -6.4, "np_cagr3": 9.6, "rev_yoy": 8.5, "np_yoy": -18.8, "np_vol": 50.0, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 82.8, "ret_prev2_year": -24.6, "ret_ytd": -26.9, "ret_pivot": 51.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.5, "ret_60": 1.2, "ret_120": -26.1, "ret_250": -20.6, "mdd_250": -52.8, "vol_250": 49.5, "pos_52w": 53.5}, "S": {"duration": 67, "pricing": 38, "hard": 20, "bondness": 43}, "label": "中性", "tags": [], "text": {"像什么": ["PE 44.1 倍、股息率 1.3%、毛利率近 5 年中位 10.7%、固定资产占比 12%、有息负债/EBITDA 0.3 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 12%,毛利率近 5 年中位 10.7%。", "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 5.4%(经营现金流/市值 6.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.7%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -9.3 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 12%,资本开支/折旧 0.61 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 44.1 倍 粗算,约 89%(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 -53%,年化波动 50%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -14% / 1% / -26%。", "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%。", "汇得科技:PE 比行业中位高 8.2倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位低 11.6个百分点;固定资产占比 比行业中位低 22.2个百分点。"]}}