{"F": {"ts_code": "688093.SH", "name": "世华科技", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "其他电子Ⅱ", "sw3": "其他电子Ⅲ", "ind": "其他电子Ⅱ", "fin_source": "tushare", "market": "科创板", "list_date": "20200930", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.43, "pe_ttm": 18.3059, "pb": 2.1319, "dv_ttm": 3.2471, "total_mv": 600860.3404, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [63.3, 61.3, 60.2, 58.9, 56.2, 58.1], "rev_series": [3.3, 4.3, 4.6, 5.1, 7.9, 10.9], "np_series": [1.3, 1.8, 1.9, 1.9, 2.8, 4.0], "roe_series": [18.9, 15.8, 13.9, 11.7, 14.5, 16.8], "period": "20260630", "rev_ttm": 9.5, "np_ttm": 3.3, "ocf_ttm": 4.9, "fcf_ttm": 1.9, "fcf_yield": 3.2, "ocf_yield": 8.1, "gm_median": 58.9, "gm_std": 1.7, "gm_stab": 0.97, "gm_chg_2022": -3.1, "npm_median": 37.8, "roe_median": 14.5, "commodity": false, "hard_ratio": 33.7, "fix_assets": 10.0, "goodwill_ratio": 0.0, "pb_calc": 2.13, "capex_dep": 5.43, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 5.1, "debt_mv": 0.0, "payout": 47.0, "div_years": 5, "rev_cagr3": 33.0, "np_cagr3": 29.1, "rev_yoy": -25.0, "np_yoy": -36.6, "np_vol": 20.1, "loss_years": 0, "far_share": 73.0, "earn_yield": 5.5, "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], ["功能性电子材料", 31.0], ["高性能光学材料", 19.0], ["其他主营业务", 0.0]], "ret_prev_year": 89.1, "ret_prev2_year": 16.2, "ret_ytd": -41.4, "ret_pivot": 66.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -21.8, "ret_60": -23.4, "ret_120": -36.3, "ret_250": -49.0, "mdd_250": -51.6, "vol_250": 50.9, "pos_52w": 49.6}, "S": {"duration": 37, "pricing": 69, "hard": 54, "bondness": 36}, "label": "现金流红利", "tags": ["资本开支扩张期"], "text": {"像什么": ["分红率 47%、股息率 3.2%、营收 3 年复合 33.0%、有息负债/EBITDA 0.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 34%、毛利率 58.9% 两条都占,但所在行业(电子)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.2%(经营现金流/市值 8.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 58.9%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -3.1 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 34%,资本开支/折旧 5.43 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.3 倍 粗算,约 73%(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 -49%,最大回撤 -52%,年化波动 51%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -22% / -23% / -36%。", "行业对照": ["同申万二级「其他电子Ⅱ」34 家中位:PE 51.5 / 股息率 0.4% / 毛利率 23.1% / 固定资产占比 13% / 分红率 35%。", "世华科技:PE 比行业中位低 33.2倍;股息率 比行业中位高 2.8个百分点;毛利率 比行业中位高 35.8个百分点;固定资产占比 比行业中位高 21.0个百分点。"]}}