{"F": {"ts_code": "002850.SZ", "name": "科达利", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电池", "sw3": "锂电池", "ind": "电池", "fin_source": "tushare", "market": "主板", "list_date": "20170302", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 172.3, "pe_ttm": 25.4609, "pb": 3.2631, "dv_ttm": 1.4085, "total_mv": 4933503.806, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.2, 26.2, 23.9, 23.6, 24.4, 23.7], "rev_series": [19.9, 44.7, 86.5, 105.1, 120.3, 152.1], "np_series": [1.8, 5.4, 9.0, 12.0, 14.7, 17.6], "roe_series": [5.5, 12.7, 17.5, 14.8, 13.3, 14.1], "period": "20260630", "rev_ttm": 177.8, "np_ttm": 19.4, "ocf_ttm": 13.1, "fcf_ttm": -0.3, "fcf_yield": -0.1, "ocf_yield": 2.6, "gm_median": 23.9, "gm_std": 1.0, "gm_stab": 0.96, "gm_chg_2022": -4.3, "npm_median": 11.6, "roe_median": 14.1, "commodity": false, "hard_ratio": 32.1, "fix_assets": 79.3, "goodwill_ratio": 0.0, "pb_calc": 3.26, "capex_dep": 1.59, "interest_debt": 1.3, "debt_ebitda": 0.0, "debt_ratio": 38.7, "debt_mv": 0.3, "payout": 36.8, "div_years": 5, "rev_cagr3": 20.7, "np_cagr3": 25.1, "rev_yoy": 38.6, "np_yoy": 22.6, "np_vol": 69.1, "loss_years": 0, "far_share": 80.0, "earn_yield": 3.9, "consensus_n": 26, "fwd_pe": 21.4, "fwd_pe2": 16.2, "fwd_g1": 19.0, "fwd_g2": 32.0, "peg": 0.67, "consensus_disp": null, "mainbz": [["锂电池结构件", 98.0], ["汽车结构件", 2.0], ["其他结构件", 0.0], ["其他业务", 0.0]], "ret_prev_year": 66.7, "ret_prev2_year": 18.8, "ret_ytd": 10.9, "ret_pivot": 148.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.3, "ret_60": -9.5, "ret_120": 7.0, "ret_250": 27.3, "mdd_250": -26.0, "vol_250": 54.6, "pos_52w": 76.2}, "S": {"duration": 47, "pricing": 50, "hard": 51, "bondness": 21}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 25.5 倍、股息率 1.4%、毛利率近 5 年中位 23.9%、固定资产占比 32%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 32%),没有定价权:毛利率近 5 年中位 23.9%,稳定度 96%。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": "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 -0.1%(经营现金流/市值 2.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.9%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -4.3 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 32%,资本开支/折旧 1.59 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.5 倍 粗算,约 80%(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 27%,最大回撤 -26%,年化波动 55%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 -6% / -10% / 7%。", "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%。", "科达利:PE 比行业中位低 10.3倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 6.1个百分点;固定资产占比 比行业中位高 4.3个百分点。"]}}