{"F": {"ts_code": "605180.SH", "name": "华生科技", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "纺织制造", "sw3": "其他纺织", "ind": "纺织制造", "fin_source": "tushare", "market": "主板", "list_date": "20210430", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 13.16, "pe_ttm": 3891.1142, "pb": 1.9677, "dv_ttm": 0.5319, "total_mv": 222404.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.8, 39.4, 28.4, 24.9, 28.5, 23.2], "rev_series": [3.7, 6.4, 2.8, 2.4, 3.5, 3.5], "np_series": [1.1, 1.8, 0.6, 0.3, 0.5, 0.3], "roe_series": [24.4, 22.2, 5.2, 2.5, 4.4, 2.3], "period": "20260630", "rev_ttm": 3.8, "np_ttm": 0.0, "ocf_ttm": -0.0, "fcf_ttm": -0.9, "fcf_yield": -4.2, "ocf_yield": -0.0, "gm_median": 28.4, "gm_std": 5.6, "gm_stab": 0.8, "gm_chg_2022": -14.4, "npm_median": 14.1, "roe_median": 4.4, "commodity": false, "hard_ratio": 41.7, "fix_assets": 5.4, "goodwill_ratio": 0.0, "pb_calc": 1.97, "capex_dep": 1.9, "interest_debt": 1.0, "debt_ebitda": 1.8, "debt_ratio": 12.1, "debt_mv": 4.6, "payout": 44.8, "div_years": 5, "rev_cagr3": 8.0, "np_cagr3": -23.7, "rev_yoy": 18.8, "np_yoy": -112.1, "np_vol": 63.4, "loss_years": 0, "far_share": 100.0, "earn_yield": 0.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 47.0], ["气密材料", 27.0], ["BOPP电容薄膜", 8.0], ["其他主营业务", 6.0]], "ret_prev_year": 20.0, "ret_prev2_year": -12.0, "ret_ytd": -9.1, "ret_pivot": 29.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.2, "ret_60": -2.3, "ret_120": -16.7, "ret_250": -16.0, "mdd_250": -38.6, "vol_250": 37.4, "pos_52w": 79.6}, "S": {"duration": 100, "pricing": 46, "hard": 67, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 3891.1 倍、股息率 0.5%、毛利率近 5 年中位 28.4%、固定资产占比 42%、有息负债/EBITDA 1.8 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 42%),没有定价权:毛利率近 5 年中位 28.4%,稳定度 80%。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 -4.2%(经营现金流/市值 -0.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.4%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -14.4 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 42%,资本开支/折旧 1.90 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 3891.1 倍 粗算,约 100%(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 -16%,最大回撤 -39%,年化波动 37%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 8% / -2% / -17%。", "行业对照": ["同申万二级「纺织制造」33 家中位:PE 23.1 / 股息率 1.3% / 毛利率 16.9% / 固定资产占比 30% / 分红率 46%。", "华生科技:PE 比行业中位高 3868.0倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位高 11.5个百分点;固定资产占比 比行业中位高 11.6个百分点。"]}}