{"F": {"ts_code": "920957.BJ", "name": "汉维科技", "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": "北交所", "list_date": "20221214", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.3, "pe_ttm": 62.0666, "pb": 2.8115, "dv_ttm": 0.9709, "total_mv": 110520.374, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.7, 13.5, 14.6, 14.1, 11.1, 9.8], "rev_series": [4.7, 5.3, 4.9, 4.7, 5.9, 6.1], "np_series": [0.4, 0.3, 0.4, 0.2, 0.2, 0.0], "roe_series": [18.5, 12.8, 10.7, 6.2, 5.1, 1.2], "period": "20260630", "rev_ttm": 6.5, "np_ttm": 0.2, "ocf_ttm": -0.1, "fcf_ttm": -0.2, "fcf_yield": -2.0, "ocf_yield": -1.2, "gm_median": 13.5, "gm_std": 1.9, "gm_stab": 0.86, "gm_chg_2022": -3.1, "npm_median": 4.8, "roe_median": 6.2, "commodity": false, "hard_ratio": 25.5, "fix_assets": 1.6, "goodwill_ratio": 0.0, "pb_calc": 2.81, "capex_dep": 0.64, "interest_debt": 0.3, "debt_ebitda": 0.7, "debt_ratio": 36.8, "debt_mv": 2.3, "payout": 52.6, "div_years": 4, "rev_cagr3": 8.0, "np_cagr3": -48.5, "rev_yoy": 10.4, "np_yoy": 1615.0, "np_vol": 27.4, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["其他主营业务", 49.0], ["主营业务产品", 49.0], ["材料贸易及其他", 1.0], ["其他业务产品", 1.0]], "ret_prev_year": 27.6, "ret_prev2_year": 11.5, "ret_ytd": -16.9, "ret_pivot": 70.6, "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": 79, "pricing": 42, "hard": 41, "bondness": 38}, "label": "中性", "tags": [], "text": {"像什么": ["PE 62.1 倍、股息率 1.0%、毛利率近 5 年中位 13.5%、固定资产占比 26%、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 26%,毛利率近 5 年中位 13.5%。", "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 -2.0%(经营现金流/市值 -1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.5%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -3.1 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 26%,资本开支/折旧 0.64 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 62.1 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?"]], "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%。", "汉维科技:PE 比行业中位高 26.2倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 8.8个百分点;固定资产占比 比行业中位低 9.0个百分点。"]}}