{"F": {"ts_code": "000009.SZ", "name": "中国宝安", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电池", "sw3": "电池化学品", "ind": "电池", "fin_source": "tushare", "market": "主板", "list_date": "19910625", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.07, "pe_ttm": null, "pb": 1.8695, "dv_ttm": 0.4243, "total_mv": 1823504.298, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.1, 28.7, 19.9, 20.8, 27.3, 25.8], "rev_series": [105.9, 175.5, 320.0, 307.0, 202.3, 230.4], "np_series": [6.6, 10.4, 11.6, 7.6, 1.7, 2.0], "roe_series": [10.6, 13.9, 13.5, 7.9, 1.7, 2.0], "period": "20260630", "rev_ttm": 255.5, "np_ttm": -0.7, "ocf_ttm": 12.3, "fcf_ttm": -13.3, "fcf_yield": -7.3, "ocf_yield": 6.7, "gm_median": 25.8, "gm_std": 3.5, "gm_stab": 0.86, "gm_chg_2022": -14.2, "npm_median": 5.9, "roe_median": 7.9, "commodity": false, "hard_ratio": 31.0, "fix_assets": 188.6, "goodwill_ratio": 0.7, "pb_calc": 1.87, "capex_dep": 1.73, "interest_debt": 221.1, "debt_ebitda": 5.6, "debt_ratio": 62.3, "debt_mv": 121.2, "payout": 38.1, "div_years": 5, "rev_cagr3": -10.4, "np_cagr3": -44.0, "rev_yoy": 23.2, "np_yoy": -112.2, "np_vol": 46.2, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["高新技术", 27.0], ["高新制造业商品", 27.0], ["生物医药业商品", 5.0]], "ret_prev_year": 8.0, "ret_prev2_year": -21.9, "ret_ytd": -28.0, "ret_pivot": -3.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.4, "ret_60": 3.7, "ret_120": -25.1, "ret_250": -25.8, "mdd_250": -52.0, "vol_250": 38.4, "pos_52w": 56.9}, "S": {"duration": 100, "pricing": 47, "hard": 50, "bondness": 51}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 62%,有息负债 221 亿,经营现金流/市值 6.7%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 31%),没有定价权:毛利率近 5 年中位 25.8%,稳定度 86%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -7.3%(经营现金流/市值 6.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.8%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -14.2 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 31%,资本开支/折旧 1.73 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -26%,最大回撤 -52%,年化波动 38%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -12% / 4% / -25%。", "行业对照": ["同申万二级「电池」111 家中位:PE 35.8 / 股息率 0.7% / 毛利率 17.8% / 固定资产占比 28% / 分红率 36%。", "中国宝安:PE ;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 8.0个百分点;固定资产占比 比行业中位高 3.2个百分点。"]}}