{"F": {"ts_code": "300035.SZ", "name": "中科电气", "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": "创业板", "list_date": "20091225", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.55, "pe_ttm": 24.9611, "pb": 1.7384, "dv_ttm": 1.992, "total_mv": 860210.5085, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.1, 28.6, 19.5, 15.5, 20.9, 16.9], "rev_series": [9.7, 21.9, 52.6, 49.1, 55.8, 84.7], "np_series": [1.6, 3.7, 3.6, 0.4, 3.0, 4.7], "roe_series": [8.1, 16.1, 9.9, 0.9, 6.5, 9.7], "period": "20260630", "rev_ttm": 100.6, "np_ttm": 3.4, "ocf_ttm": -16.6, "fcf_ttm": -19.1, "fcf_yield": -22.3, "ocf_yield": -19.3, "gm_median": 19.5, "gm_std": 4.6, "gm_stab": 0.77, "gm_chg_2022": -17.6, "npm_median": 7.0, "roe_median": 9.7, "commodity": false, "hard_ratio": 27.8, "fix_assets": 47.3, "goodwill_ratio": 2.8, "pb_calc": 1.74, "capex_dep": 0.71, "interest_debt": 69.3, "debt_ebitda": 7.0, "debt_ratio": 65.8, "debt_mv": 80.6, "payout": 56.9, "div_years": 5, "rev_cagr3": 17.2, "np_cagr3": 8.9, "rev_yoy": 44.2, "np_yoy": -46.0, "np_vol": 251.4, "loss_years": 0, "far_share": 80.0, "earn_yield": 4.0, "consensus_n": 7, "fwd_pe": 17.5, "fwd_pe2": 9.4, "fwd_g1": 43.0, "fwd_g2": 87.0, "peg": 0.2, "consensus_disp": null, "mainbz": [["产品", 33.0], ["石墨类负极材料", 31.0], ["石墨电极", 31.0], ["起重磁力设备", 2.0]], "ret_prev_year": 45.6, "ret_prev2_year": 46.1, "ret_ytd": -40.4, "ret_pivot": 69.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.0, "ret_60": -23.1, "ret_120": -44.6, "ret_250": -30.7, "mdd_250": -56.6, "vol_250": 51.8, "pos_52w": 45.1}, "S": {"duration": 46, "pricing": 40, "hard": 44, "bondness": 50}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 25.0 倍、股息率 2.0%、毛利率近 5 年中位 19.5%、固定资产占比 28%、有息负债/EBITDA 7.0 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 28%,毛利率近 5 年中位 19.5%。", "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 -22.3%(经营现金流/市值 -19.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.5%,稳定度 77%,2020→2022 成本通胀期毛利率变化 -17.6 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 28%,资本开支/折旧 0.71 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.0 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 -31%,最大回撤 -57%,年化波动 52%,现价在 52 周高点的 45%;近 20 / 60 / 120 日 -9% / -23% / -45%。", "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%。", "中科电气:PE 比行业中位低 10.8倍;股息率 比行业中位高 1.3个百分点;毛利率 比行业中位高 1.7个百分点;固定资产占比 与行业中位持平。"]}}