{"F": {"ts_code": "688755.SH", "name": "汉邦科技", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗设备", "ind": "医疗器械", "fin_source": "tushare", "market": "科创板", "list_date": "20250516", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 26.43, "pe_ttm": 39.6528, "pb": 2.3527, "dv_ttm": 0.6403, "total_mv": 302359.2, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.6, 35.0, 39.3, 39.6, 42.5, 35.6], "rev_series": [null, null, 4.8, 6.2, 6.9, 7.4], "np_series": [null, null, 0.4, 0.5, 0.8, 0.6], "roe_series": [5.7, 2.7, 10.3, 8.5, 11.5, 6.0], "period": "20260630", "rev_ttm": 8.0, "np_ttm": 0.8, "ocf_ttm": 1.9, "fcf_ttm": 0.8, "fcf_yield": 2.7, "ocf_yield": 6.1, "gm_median": 39.3, "gm_std": 2.8, "gm_stab": 0.93, "gm_chg_2022": 3.7, "npm_median": 8.1, "roe_median": 8.5, "commodity": false, "hard_ratio": 15.1, "fix_assets": 3.1, "goodwill_ratio": 0.0, "pb_calc": 2.35, "capex_dep": 5.67, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 37.5, "debt_mv": 0.1, "payout": 28.9, "div_years": 1, "rev_cagr3": 15.1, "np_cagr3": 15.7, "rev_yoy": 19.8, "np_yoy": 59.7, "np_vol": 278.7, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["小分子药物分离纯化设备", 66.0], ["大分子药物分离纯化设备", 18.0], ["其他主营业务", 8.0], ["其他", 8.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -12.9, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.5, "ret_60": 8.1, "ret_120": -14.1, "ret_250": -35.2, "mdd_250": -46.7, "vol_250": 32.7, "pos_52w": 63.7}, "S": {"duration": 63, "pricing": 62, "hard": 24, "bondness": 19}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 39.7 倍、股息率 0.6%、毛利率近 5 年中位 39.3%、固定资产占比 15%、有息负债/EBITDA 0.0 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 39.3%),硬资产占比 15%。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 2.7%(经营现金流/市值 6.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 39.3%,稳定度 93%,2020→2022 成本通胀期毛利率变化 3.7 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 15%,资本开支/折旧 5.67 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 39.7 倍 粗算,约 87%(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 -35%,最大回撤 -47%,年化波动 33%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -4% / 8% / -14%。", "行业对照": ["同申万二级「医疗器械」140 家中位:PE 38.6 / 股息率 1.1% / 毛利率 55.4% / 固定资产占比 22% / 分红率 45%。", "汉邦科技:PE 比行业中位高 1.1倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位低 16.1个百分点;固定资产占比 比行业中位低 6.8个百分点。"]}}