{"F": {"ts_code": "688629.SH", "name": "华丰科技", "mkt": "CN", "ccy": "元", "sw1": "国防军工", "sw2": "军工电子Ⅱ", "sw3": "军工电子Ⅲ", "ind": "军工电子Ⅱ", "fin_source": "tushare", "market": "科创板", "list_date": "20230627", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 122.4, "pe_ttm": 161.3534, "pb": 19.5027, "dv_ttm": null, "total_mv": 5731439.976, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.5, 31.3, 29.9, 27.4, 18.5, 31.4], "rev_series": [7.2, 8.3, 9.8, 9.0, 10.9, 25.3], "np_series": [-0.1, 0.8, 1.0, 0.7, -0.2, 3.6], "roe_series": [-3.5, 11.7, 12.3, 6.1, -1.2, 21.8], "period": "20260630", "rev_ttm": 26.8, "np_ttm": 3.6, "ocf_ttm": 6.1, "fcf_ttm": 1.7, "fcf_yield": 0.3, "ocf_yield": 1.1, "gm_median": 29.9, "gm_std": 4.8, "gm_stab": 0.84, "gm_chg_2022": 9.4, "npm_median": 8.8, "roe_median": 11.7, "commodity": false, "hard_ratio": 24.9, "fix_assets": 12.4, "goodwill_ratio": 0.0, "pb_calc": 19.5, "capex_dep": 3.3, "interest_debt": 3.9, "debt_ebitda": 0.7, "debt_ratio": 41.2, "debt_mv": 0.7, "payout": 29.4, "div_years": 1, "rev_cagr3": 37.0, "np_cagr3": 53.7, "rev_yoy": 14.1, "np_yoy": -2.2, "np_vol": 847.3, "loss_years": 1, "far_share": 97.0, "earn_yield": 0.6, "consensus_n": 7, "fwd_pe": 79.8, "fwd_pe2": 43.9, "fwd_g1": 102.0, "fwd_g2": 82.0, "peg": 0.97, "consensus_disp": null, "mainbz": [["产品", 42.0], ["组件", 23.0], ["连接器类", 17.0], ["连接器", 17.0]], "ret_prev_year": 198.8, "ret_prev2_year": 53.3, "ret_ytd": 22.3, "ret_pivot": 525.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -18.7, "ret_60": -13.8, "ret_120": 14.9, "ret_250": 55.9, "mdd_250": -42.7, "vol_250": 84.0, "pos_52w": 58.4}, "S": {"duration": 98, "pricing": 56, "hard": 40, "bondness": 12}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 161.4 倍、股息率 —、毛利率近 5 年中位 29.9%、固定资产占比 25%、有息负债/EBITDA 0.7 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 29.9%。", "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 0.3%(经营现金流/市值 1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.9%,稳定度 84%,2020→2022 成本通胀期毛利率变化 9.4 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 25%,资本开支/折旧 3.30 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 161.4 倍 粗算,约 97%(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 56%,最大回撤 -43%,年化波动 84%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -19% / -14% / 15%。", "行业对照": ["同申万二级「军工电子Ⅱ」61 家中位:PE 79.0 / 股息率 0.5% / 毛利率 39.7% / 固定资产占比 14% / 分红率 33%。", "华丰科技:PE 比行业中位高 82.4倍;股息率 ;毛利率 比行业中位低 9.8个百分点;固定资产占比 比行业中位高 10.8个百分点。"]}}