{"F": {"ts_code": "001301.SZ", "name": "尚太科技", "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": "20221228", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 55.74, "pe_ttm": 23.461, "pb": 2.8248, "dv_ttm": 1.0221, "total_mv": 2032375.1691, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.5, 37.2, 41.7, 27.7, 25.7, 21.2], "rev_series": [6.8, 23.4, 47.8, 43.9, 52.3, 79.4], "np_series": [1.5, 5.4, 12.9, 7.2, 8.4, 9.5], "roe_series": [13.9, 34.0, 36.6, 13.3, 14.1, 14.2], "period": "20260630", "rev_ttm": 90.6, "np_ttm": 8.7, "ocf_ttm": -3.3, "fcf_ttm": -18.6, "fcf_yield": -9.2, "ocf_yield": -1.6, "gm_median": 27.7, "gm_std": 7.6, "gm_stab": 0.73, "gm_chg_2022": 5.2, "npm_median": 16.5, "roe_median": 14.2, "commodity": false, "hard_ratio": 21.8, "fix_assets": 37.3, "goodwill_ratio": 0.0, "pb_calc": 2.82, "capex_dep": 4.45, "interest_debt": 85.4, "debt_ebitda": 5.4, "debt_ratio": 57.9, "debt_mv": 42.0, "payout": 24.8, "div_years": 4, "rev_cagr3": 18.4, "np_cagr3": -9.8, "rev_yoy": 33.1, "np_yoy": -16.6, "np_vol": 107.9, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.3, "consensus_n": 14, "fwd_pe": 15.5, "fwd_pe2": 9.7, "fwd_g1": 52.0, "fwd_g2": 59.0, "peg": 0.26, "consensus_disp": null, "mainbz": [["负极材料", 88.0], ["石墨化焦", 4.0], ["其他业务", 4.0], ["其他", 4.0]], "ret_prev_year": 27.0, "ret_prev2_year": 95.6, "ret_ytd": -8.2, "ret_pivot": 104.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.3, "ret_60": -5.3, "ret_120": -9.1, "ret_250": 38.3, "mdd_250": -36.5, "vol_250": 56.5, "pos_52w": 72.4}, "S": {"duration": 44, "pricing": 51, "hard": 35, "bondness": 31}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 23.5 倍、股息率 1.0%、毛利率近 5 年中位 27.7%、固定资产占比 22%、有息负债/EBITDA 5.4 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 22%,毛利率近 5 年中位 27.7%。", "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 -9.2%(经营现金流/市值 -1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.7%,稳定度 73%,2020→2022 成本通胀期毛利率变化 5.2 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 22%,资本开支/折旧 4.45 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.5 倍 粗算,约 79%(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 38%,最大回撤 -36%,年化波动 56%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 6% / -5% / -9%。", "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%。", "尚太科技:PE 比行业中位低 12.3倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 9.9个百分点;固定资产占比 比行业中位低 6.0个百分点。"]}}