{"F": {"ts_code": "002580.SZ", "name": "圣阳股份", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电池", "sw3": "蓄电池及其他电池", "ind": "电池", "fin_source": "tushare", "market": "主板", "list_date": "20110506", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.66, "pe_ttm": 61.6391, "pb": 4.2086, "dv_ttm": 0.1765, "total_mv": 1028467.154, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.8, 14.3, 15.9, 19.2, 19.9, 19.1], "rev_series": [17.6, 20.9, 28.0, 28.1, 30.2, 34.2], "np_series": [0.3, 0.3, 1.4, 1.7, 2.1, 1.9], "roe_series": [2.0, 2.0, 7.6, 8.9, 9.8, 8.2], "period": "20260630", "rev_ttm": 37.3, "np_ttm": 1.7, "ocf_ttm": 1.1, "fcf_ttm": -0.2, "fcf_yield": -0.2, "ocf_yield": 1.1, "gm_median": 19.1, "gm_std": 2.2, "gm_stab": 0.89, "gm_chg_2022": -0.9, "npm_median": 4.8, "roe_median": 8.2, "commodity": false, "hard_ratio": 21.9, "fix_assets": 10.8, "goodwill_ratio": 0.4, "pb_calc": 4.21, "capex_dep": 1.1, "interest_debt": 7.0, "debt_ebitda": 2.2, "debt_ratio": 47.9, "debt_mv": 6.8, "payout": 9.8, "div_years": 4, "rev_cagr3": 6.9, "np_cagr3": 10.9, "rev_yoy": 18.2, "np_yoy": -14.7, "np_vol": 115.7, "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": [["产品", 45.0], ["通信", 16.0], ["数据/算力中心", 12.0], ["储能电力", 8.0]], "ret_prev_year": 47.6, "ret_prev2_year": -1.6, "ret_ytd": 82.7, "ret_pivot": 252.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 18.8, "ret_60": 10.6, "ret_120": 68.2, "ret_250": 53.8, "mdd_250": -57.6, "vol_250": 65.8, "pos_52w": 65.2}, "S": {"duration": 79, "pricing": 48, "hard": 35, "bondness": 24}, "label": "中性", "tags": [], "text": {"像什么": ["PE 61.6 倍、股息率 0.2%、毛利率近 5 年中位 19.1%、固定资产占比 22%、有息负债/EBITDA 2.2 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 19.1%。", "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 -0.2%(经营现金流/市值 1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.1%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -0.9 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 22%,资本开支/折旧 1.10 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 61.6 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?"]], "价格行为": "近一年 54%,最大回撤 -58%,年化波动 66%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 19% / 11% / 68%。", "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%。", "圣阳股份:PE 比行业中位高 25.8倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 1.3个百分点;固定资产占比 比行业中位低 5.9个百分点。"]}}