{"F": {"ts_code": "300073.SZ", "name": "当升科技", "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": "创业板", "list_date": "20100427", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 38.66, "pe_ttm": 25.0032, "pb": 1.3981, "dv_ttm": 0.732, "total_mv": 2104239.4442, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.2, 18.2, 17.4, 18.1, 12.4, 12.7], "rev_series": [31.8, 82.6, 212.6, 151.3, 75.9, 103.7], "np_series": [3.8, 10.9, 22.6, 19.2, 4.7, 6.3], "roe_series": [11.3, 16.5, 21.6, 15.7, 3.6, 4.5], "period": "20260630", "rev_ttm": 164.2, "np_ttm": 8.4, "ocf_ttm": 8.5, "fcf_ttm": -22.8, "fcf_yield": -10.8, "ocf_yield": 4.0, "gm_median": 17.4, "gm_std": 2.6, "gm_stab": 0.85, "gm_chg_2022": -1.8, "npm_median": 10.6, "roe_median": 15.7, "commodity": false, "hard_ratio": 24.7, "fix_assets": 69.0, "goodwill_ratio": 0.1, "pb_calc": 1.4, "capex_dep": 7.64, "interest_debt": 14.5, "debt_ebitda": 0.9, "debt_ratio": 42.5, "debt_mv": 6.9, "payout": 21.5, "div_years": 5, "rev_cagr3": -21.3, "np_cagr3": -34.6, "rev_yoy": 136.3, "np_yoy": 67.3, "np_vol": 90.8, "loss_years": 0, "far_share": 80.0, "earn_yield": 4.0, "consensus_n": 15, "fwd_pe": 18.7, "fwd_pe2": 14.7, "fwd_g1": 33.0, "fwd_g2": 28.0, "peg": 0.67, "consensus_disp": null, "mainbz": [["产品", 44.0], ["多元材料", 28.0], ["磷酸（锰）铁锂、钠电正极材料", 12.0], ["磷酸(锰)铁锂、钠电正极材料", 12.0]], "ret_prev_year": 44.5, "ret_prev2_year": 7.7, "ret_ytd": -32.8, "ret_pivot": 35.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.2, "ret_60": -19.7, "ret_120": -30.2, "ret_250": -12.1, "mdd_250": -46.5, "vol_250": 43.3, "pos_52w": 54.0}, "S": {"duration": 46, "pricing": 45, "hard": 40, "bondness": 35}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 25.0 倍、股息率 0.7%、毛利率近 5 年中位 17.4%、固定资产占比 25%、有息负债/EBITDA 0.9 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 25%,毛利率近 5 年中位 17.4%。", "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 -10.8%(经营现金流/市值 4.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.4%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -1.8 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 25%,资本开支/折旧 7.64 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 -12%,最大回撤 -46%,年化波动 43%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -8% / -20% / -30%。", "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%。", "当升科技:PE 比行业中位低 10.8倍;股息率 与行业中位持平;毛利率 比行业中位低 0.4个百分点;固定资产占比 比行业中位低 3.1个百分点。"]}}