{"F": {"ts_code": "002192.SZ", "name": "融捷股份", "mkt": "CN", "ccy": "元", "sw1": "有色金属", "sw2": "能源金属", "sw3": "锂", "ind": "能源金属", "fin_source": "tushare", "market": "主板", "list_date": "20071205", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 65.43, "pe_ttm": 14.2145, "pb": 3.736, "dv_ttm": 0.3362, "total_mv": 1698923.9736, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.7, 28.0, 52.1, 54.9, 47.5, 51.2], "rev_series": [3.9, 9.2, 29.9, 12.1, 5.6, 8.4], "np_series": [0.2, 0.7, 24.4, 3.8, 2.2, 2.8], "roe_series": [3.8, 11.3, 131.0, 12.1, 6.5, 8.1], "period": "20260630", "rev_ttm": 20.6, "np_ttm": 11.9, "ocf_ttm": 5.7, "fcf_ttm": 2.9, "fcf_yield": 1.7, "ocf_yield": 3.4, "gm_median": 51.2, "gm_std": 9.6, "gm_stab": 0.81, "gm_chg_2022": 20.3, "npm_median": 32.5, "roe_median": 11.3, "commodity": true, "hard_ratio": 12.1, "fix_assets": 7.4, "goodwill_ratio": 0.1, "pb_calc": 3.74, "capex_dep": 12.75, "interest_debt": 1.7, "debt_ebitda": 0.1, "debt_ratio": 24.9, "debt_mv": 1.0, "payout": 20.5, "div_years": 4, "rev_cagr3": -34.5, "np_cagr3": -51.5, "rev_yoy": 402.4, "np_yoy": 1076.1, "np_vol": 1380.6, "loss_years": 0, "far_share": 65.0, "earn_yield": 7.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["锂精矿", 123.0], ["锂盐", 7.0], ["锂电池设备", 1.0], ["其他业务", 0.0]], "ret_prev_year": 63.5, "ret_prev2_year": -41.1, "ret_ytd": 27.0, "ret_pivot": 130.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.8, "ret_60": -21.5, "ret_120": 15.0, "ret_250": 82.0, "mdd_250": -49.5, "vol_250": 65.8, "pos_52w": 59.0}, "S": {"duration": 30, "pricing": 70, "hard": 19, "bondness": 29}, "label": "中性", "tags": ["商品定价", "资本开支扩张期"], "text": {"像什么": ["PE 14.2 倍、股息率 0.3%、毛利率近 5 年中位 51.2%、固定资产占比 12%、有息负债/EBITDA 0.1 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 51.2%),硬资产占比 12%。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 1.7%(经营现金流/市值 3.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 51.2%,稳定度 81%,2020→2022 成本通胀期毛利率变化 20.3 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 12%,资本开支/折旧 12.75 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.2 倍 粗算,约 65%(1 − 5/PE)。中等。"]], "价格行为": "近一年 82%,最大回撤 -50%,年化波动 66%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -6% / -22% / 15%。", "行业对照": ["同申万二级「能源金属」11 家中位:PE 17.9 / 股息率 0.5% / 毛利率 18.4% / 固定资产占比 30% / 分红率 31%。", "融捷股份:PE 比行业中位低 3.7倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 32.8个百分点;固定资产占比 比行业中位低 18.4个百分点。"]}}