{"F": {"ts_code": "688758.SH", "name": "赛分科技", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "原料药", "ind": "化学制药", "fin_source": "tushare", "market": "科创板", "list_date": "20250110", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 26.4, "pe_ttm": 59.9111, "pb": 7.9218, "dv_ttm": 0.3623, "total_mv": 1099465.224, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [69.9, 71.1, 76.3, 71.2, 71.0, 71.4], "rev_series": [null, null, 2.1, 2.5, 3.2, 4.0], "np_series": [null, null, 0.5, 0.5, 0.9, 1.3], "roe_series": [7.3, 4.1, 5.2, 5.4, 8.2, 10.4], "period": "20260630", "rev_ttm": 5.0, "np_ttm": 1.8, "ocf_ttm": 1.5, "fcf_ttm": 1.1, "fcf_yield": 1.0, "ocf_yield": 1.4, "gm_median": 71.2, "gm_std": 2.1, "gm_stab": 0.97, "gm_chg_2022": 6.4, "npm_median": 22.7, "roe_median": 5.4, "commodity": false, "hard_ratio": 14.4, "fix_assets": 2.3, "goodwill_ratio": 0.0, "pb_calc": 7.92, "capex_dep": 3.0, "interest_debt": 1.0, "debt_ebitda": 0.6, "debt_ratio": 11.8, "debt_mv": 0.9, "payout": 24.5, "div_years": 2, "rev_cagr3": 23.7, "np_cagr3": 39.0, "rev_yoy": 53.2, "np_yoy": 106.2, "np_vol": 49.2, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.7, "consensus_n": 5, "fwd_pe": 60.3, "fwd_pe2": 44.2, "fwd_g1": -1.0, "fwd_g2": 37.0, "peg": 1.63, "consensus_disp": null, "mainbz": [["产品", 25.0], ["工业纯化板块", 19.0], ["工业纯化板块：填料", 19.0], ["工业纯化板块-填料", 19.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": 49.5, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.9, "ret_60": 39.4, "ret_120": 39.3, "ret_250": 28.1, "mdd_250": -29.3, "vol_250": 51.7, "pos_52w": 87.5}, "S": {"duration": 78, "pricing": 81, "hard": 23, "bondness": 13}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 59.9 倍、股息率 0.4%、毛利率近 5 年中位 71.2%、固定资产占比 14%、有息负债/EBITDA 0.6 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 71.2%),硬资产占比 14%。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 1.0%(经营现金流/市值 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 71.2%,稳定度 97%,2020→2022 成本通胀期毛利率变化 6.4 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 14%,资本开支/折旧 3.00 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 59.9 倍 粗算,约 92%(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 28%,最大回撤 -29%,年化波动 52%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 -9% / 39% / 39%。", "行业对照": ["同申万二级「化学制药」157 家中位:PE 37.5 / 股息率 1.2% / 毛利率 52.5% / 固定资产占比 30% / 分红率 38%。", "赛分科技:PE 比行业中位高 22.4倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位高 18.7个百分点;固定资产占比 比行业中位低 15.4个百分点。"]}}