{"F": {"ts_code": "688625.SH", "name": "呈和科技", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "其他化学制品", "ind": "化学制品", "fin_source": "tushare", "market": "科创板", "list_date": "20210607", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 52.43, "pe_ttm": 52.9179, "pb": 8.2819, "dv_ttm": null, "total_mv": 1361433.5567, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [44.0, 44.2, 41.9, 43.5, 43.5, 45.0], "rev_series": [4.6, 5.8, 6.9, 8.0, 8.8, 9.8], "np_series": [1.2, 1.6, 2.0, 2.3, 2.5, 2.8], "roe_series": [43.4, 25.8, 19.9, 19.4, 19.0, 19.2], "period": "20260630", "rev_ttm": 9.9, "np_ttm": 2.6, "ocf_ttm": 3.4, "fcf_ttm": 2.9, "fcf_yield": 2.1, "ocf_yield": 2.5, "gm_median": 43.5, "gm_std": 1.0, "gm_stab": 0.98, "gm_chg_2022": -2.2, "npm_median": 28.2, "roe_median": 19.4, "commodity": false, "hard_ratio": 11.8, "fix_assets": 4.2, "goodwill_ratio": 4.6, "pb_calc": 8.28, "capex_dep": 1.77, "interest_debt": 11.1, "debt_ebitda": 3.6, "debt_ratio": 53.0, "debt_mv": 8.1, "payout": 32.4, "div_years": 4, "rev_cagr3": 12.0, "np_cagr3": 12.2, "rev_yoy": 3.0, "np_yoy": -12.6, "np_vol": 9.3, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.9, "consensus_n": 7, "fwd_pe": 35.8, "fwd_pe2": 28.0, "fwd_g1": 48.0, "fwd_g2": 28.0, "peg": 1.28, "consensus_disp": null, "mainbz": [["高分子材料助剂", 84.0], ["贸易产品", 10.0], ["电子材料", 6.0], ["其他业务", 0.0]], "ret_prev_year": 54.8, "ret_prev2_year": -0.8, "ret_ytd": 78.2, "ret_pivot": 255.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.7, "ret_60": -34.8, "ret_120": 21.0, "ret_250": 113.8, "mdd_250": -49.1, "vol_250": 68.0, "pos_52w": 55.0}, "S": {"duration": 73, "pricing": 62, "hard": 19, "bondness": 30}, "label": "中性", "tags": [], "text": {"像什么": ["PE 52.9 倍、股息率 —、毛利率近 5 年中位 43.5%、固定资产占比 12%、有息负债/EBITDA 3.6 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 43.5%),硬资产占比 12%。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 2.1%(经营现金流/市值 2.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 43.5%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -2.2 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 12%,资本开支/折旧 1.77 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 52.9 倍 粗算,约 91%(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 114%,最大回撤 -49%,年化波动 68%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -13% / -35% / 21%。", "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%。", "呈和科技:PE 比行业中位高 17.0倍;股息率 ;毛利率 比行业中位高 21.2个百分点;固定资产占比 比行业中位低 22.7个百分点。"]}}