{"F": {"ts_code": "688571.SH", "name": "杭华股份", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "涂料油墨", "ind": "化学制品", "fin_source": "tushare", "market": "科创板", "list_date": "20201211", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.44, "pe_ttm": 32.0654, "pb": 2.1508, "dv_ttm": 1.7633, "total_mv": 358000.0708, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.9, 21.7, 18.7, 24.5, 26.2, 24.8], "rev_series": [9.9, 11.5, 11.4, 11.9, 12.7, 12.5], "np_series": [1.1, 1.1, 0.8, 1.2, 1.4, 1.1], "roe_series": [10.0, 8.4, 5.7, 8.5, 9.2, 6.7], "period": "20260630", "rev_ttm": 12.9, "np_ttm": 1.1, "ocf_ttm": 1.3, "fcf_ttm": -0.5, "fcf_yield": -1.3, "ocf_yield": 3.7, "gm_median": 24.5, "gm_std": 2.7, "gm_stab": 0.89, "gm_chg_2022": -8.2, "npm_median": 9.8, "roe_median": 8.4, "commodity": false, "hard_ratio": 24.7, "fix_assets": 5.7, "goodwill_ratio": 0.9, "pb_calc": 2.15, "capex_dep": 3.66, "interest_debt": 0.2, "debt_ebitda": 0.1, "debt_ratio": 25.5, "debt_mv": 0.5, "payout": 57.7, "div_years": 5, "rev_cagr3": 3.1, "np_cagr3": 10.9, "rev_yoy": 7.9, "np_yoy": 6.8, "np_vol": 29.7, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["油墨材料", 28.0], ["油墨", 28.0], ["功能材料", 3.0]], "ret_prev_year": 14.8, "ret_prev2_year": -8.9, "ret_ytd": 15.6, "ret_pivot": 90.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.5, "ret_60": -1.9, "ret_120": 5.1, "ret_250": -3.0, "mdd_250": -38.6, "vol_250": 50.5, "pos_52w": 76.3}, "S": {"duration": 55, "pricing": 47, "hard": 40, "bondness": 48}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 32.1 倍、股息率 1.8%、毛利率近 5 年中位 24.5%、固定资产占比 25%、有息负债/EBITDA 0.1 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 25%,毛利率近 5 年中位 24.5%。", "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 -1.3%(经营现金流/市值 3.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.5%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -8.2 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 25%,资本开支/折旧 3.66 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.1 倍 粗算,约 84%(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 -3%,最大回撤 -39%,年化波动 50%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 -10% / -2% / 5%。", "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%。", "杭华股份:PE 比行业中位低 3.8倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 2.2个百分点;固定资产占比 比行业中位低 9.8个百分点。"]}}