{"F": {"ts_code": "300390.SZ", "name": "天华新能", "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": "20140731", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 57.94, "pe_ttm": 17.2811, "pb": 3.5074, "dv_ttm": null, "total_mv": 4813370.1352, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.5, 51.1, 64.4, 27.9, 22.6, 14.5], "rev_series": [13.1, 34.0, 170.3, 104.7, 66.1, 75.5], "np_series": [2.9, 9.1, 65.9, 16.6, 8.5, 4.0], "roe_series": [27.3, 40.9, 88.0, 14.0, 7.3, 3.5], "period": "20260630", "rev_ttm": 118.7, "np_ttm": 28.5, "ocf_ttm": -3.4, "fcf_ttm": -10.7, "fcf_yield": -2.2, "ocf_yield": -0.7, "gm_median": 27.9, "gm_std": 18.7, "gm_stab": 0.33, "gm_chg_2022": 24.9, "npm_median": 20.2, "roe_median": 14.0, "commodity": false, "hard_ratio": 19.6, "fix_assets": 54.6, "goodwill_ratio": 1.2, "pb_calc": 3.51, "capex_dep": 1.34, "interest_debt": 67.0, "debt_ebitda": 1.6, "debt_ratio": 34.1, "debt_mv": 13.9, "payout": 54.8, "div_years": 4, "rev_cagr3": -23.8, "np_cagr3": -60.6, "rev_yoy": 125.0, "np_yoy": 2622.9, "np_vol": 267.6, "loss_years": 0, "far_share": 71.0, "earn_yield": 5.8, "consensus_n": 3, "fwd_pe": 10.0, "fwd_pe2": 7.4, "fwd_g1": 74.0, "fwd_g2": 34.0, "peg": 0.29, "consensus_disp": null, "mainbz": [["锂电材料行业", 47.0], ["锂电材料", 47.0], ["其他业务", 3.0], ["合计特别调整", 3.0]], "ret_prev_year": 143.3, "ret_prev2_year": -5.5, "ret_ytd": 6.1, "ret_pivot": 278.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.5, "ret_60": -38.4, "ret_120": 10.0, "ret_250": 176.3, "mdd_250": -53.5, "vol_250": 85.6, "pos_52w": 50.5}, "S": {"duration": 35, "pricing": 37, "hard": 31, "bondness": 44}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 17.3 倍、股息率 —、毛利率近 5 年中位 27.9%、固定资产占比 20%、有息负债/EBITDA 1.6 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 20%,毛利率近 5 年中位 27.9%。", "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 -2.2%(经营现金流/市值 -0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.9%,稳定度 33%,2020→2022 成本通胀期毛利率变化 24.9 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 20%,资本开支/折旧 1.34 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.3 倍 粗算,约 71%(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 176%,最大回撤 -54%,年化波动 86%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -4% / -38% / 10%。", "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%。", "天华新能:PE 比行业中位低 18.5倍;股息率 ;毛利率 比行业中位高 10.1个百分点;固定资产占比 比行业中位低 8.2个百分点。"]}}