{"F": {"ts_code": "688006.SH", "name": "杭可科技", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电池", "sw3": "锂电专用设备", "ind": "电池", "fin_source": "tushare", "market": "科创板", "list_date": "20190722", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.53, "pe_ttm": 51.5067, "pb": 2.2765, "dv_ttm": 1.1301, "total_mv": 1239339.0266, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.4, 26.2, 32.9, 37.5, 31.3, 28.4], "rev_series": [14.9, 24.8, 34.5, 39.3, 29.8, 30.0], "np_series": [3.7, 2.4, 4.9, 8.1, 3.3, 3.7], "roe_series": [15.5, 8.7, 15.9, 19.1, 6.3, 7.0], "period": "20260630", "rev_ttm": 31.8, "np_ttm": 2.3, "ocf_ttm": 10.9, "fcf_ttm": 9.4, "fcf_yield": 7.6, "ocf_yield": 8.8, "gm_median": 31.3, "gm_std": 3.9, "gm_stab": 0.88, "gm_chg_2022": -15.5, "npm_median": 12.3, "roe_median": 8.7, "commodity": false, "hard_ratio": 9.9, "fix_assets": 12.7, "goodwill_ratio": 0.0, "pb_calc": 2.28, "capex_dep": 1.44, "interest_debt": 0.5, "debt_ebitda": 0.1, "debt_ratio": 56.8, "debt_mv": 0.4, "payout": 38.0, "div_years": 5, "rev_cagr3": -4.6, "np_cagr3": -9.1, "rev_yoy": 5.4, "np_yoy": -45.3, "np_vol": 62.4, "loss_years": 0, "far_share": 90.0, "earn_yield": 1.9, "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], ["充放电设备", 36.0], ["其他设备", 13.0], ["配件", 1.0]], "ret_prev_year": 66.3, "ret_prev2_year": -22.8, "ret_ytd": -29.5, "ret_pivot": 52.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.6, "ret_60": -37.1, "ret_120": -26.4, "ret_250": -4.7, "mdd_250": -50.7, "vol_250": 67.8, "pos_52w": 49.9}, "S": {"duration": 72, "pricing": 50, "hard": 16, "bondness": 40}, "label": "中性", "tags": [], "text": {"像什么": ["PE 51.5 倍、股息率 1.1%、毛利率近 5 年中位 31.3%、固定资产占比 10%、有息负债/EBITDA 0.1 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 31.3%),硬资产占比 10%。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 7.6%(经营现金流/市值 8.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.3%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -15.5 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 10%,资本开支/折旧 1.44 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 51.5 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 -5%,最大回撤 -51%,年化波动 68%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -10% / -37% / -26%。", "行业对照": ["同申万二级「电池」111 家中位:PE 35.8 / 股息率 0.7% / 毛利率 17.8% / 固定资产占比 28% / 分红率 36%。", "杭可科技:PE 比行业中位高 15.7倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位高 13.5个百分点;固定资产占比 比行业中位低 17.9个百分点。"]}}