{"F": {"ts_code": "920176.BJ", "name": "维琪科技", "mkt": "CN", "ccy": "元", "sw1": "美容护理", "sw2": "化妆品", "sw3": "化妆品制造及其他", "ind": "化妆品", "fin_source": "tushare", "market": "北交所", "list_date": "20260727", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 69.58, "pe_ttm": 44.1698, "pb": 6.382, "dv_ttm": null, "total_mv": 409339.14, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [68.7, 65.4, 65.8, 68.4], "rev_series": [1.4, 1.6, 2.5, 2.8], "np_series": [0.4, 0.4, 0.7, 0.9], "roe_series": [10.4, 10.7, 14.4, 16.2], "period": "20260630", "rev_ttm": 2.7, "np_ttm": 0.9, "ocf_ttm": 0.7, "fcf_ttm": -0.3, "fcf_yield": -0.8, "ocf_yield": 1.8, "gm_median": 67.1, "gm_std": 1.5, "gm_stab": 0.98, "gm_chg_2022": null, "npm_median": 27.2, "roe_median": 12.5, "commodity": false, "hard_ratio": 27.6, "fix_assets": 1.9, "goodwill_ratio": 0.0, "pb_calc": 6.38, "capex_dep": 22.0, "interest_debt": 0.2, "debt_ebitda": 0.2, "debt_ratio": 8.5, "debt_mv": 0.5, "payout": null, "div_years": 0, "rev_cagr3": 26.7, "np_cagr3": 37.3, "rev_yoy": -7.2, "np_yoy": 4.5, "np_vol": 20.3, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["化妆品原料", 50.0], ["ODM成品", 23.0], ["ODM", 23.0], ["其他主营业务", 2.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 67, "pricing": 75, "hard": 44, "bondness": 1}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 44.2 倍、股息率 —、毛利率近 5 年中位 67.1%、固定资产占比 28%、有息负债/EBITDA 0.2 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 67.1%),硬资产占比 28%。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 -0.8%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 67.1%,稳定度 98%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 28%,资本开支/折旧 22.00 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 44.2 倍 粗算,约 89%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "行业对照": ["同申万二级「化妆品」16 家中位:PE 31.5 / 股息率 1.5% / 毛利率 53.1% / 固定资产占比 20% / 分红率 50%。", "维琪科技:PE 比行业中位高 12.7倍;股息率 ;毛利率 比行业中位高 14.0个百分点;固定资产占比 比行业中位高 7.5个百分点。"]}}