{"F": {"ts_code": "300890.SZ", "name": "翔丰华", "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": "20200917", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.86, "pe_ttm": 28.6263, "pb": 1.4251, "dv_ttm": 0.3853, "total_mv": 309233.88, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.8, 26.2, 19.8, 22.1, 22.6, 16.2], "rev_series": [4.2, 11.2, 23.6, 16.9, 13.9, 16.8], "np_series": [0.5, 1.0, 1.6, 0.8, 0.5, 0.5], "roe_series": [5.4, 9.2, 11.5, 4.7, 2.4, 2.5], "period": "20260630", "rev_ttm": 20.8, "np_ttm": 1.1, "ocf_ttm": 1.0, "fcf_ttm": -6.1, "fcf_yield": -19.7, "ocf_yield": 3.1, "gm_median": 22.1, "gm_std": 3.3, "gm_stab": 0.85, "gm_chg_2022": -9.0, "npm_median": 4.8, "roe_median": 4.7, "commodity": false, "hard_ratio": 46.6, "fix_assets": 26.4, "goodwill_ratio": 0.0, "pb_calc": 1.34, "capex_dep": 4.62, "interest_debt": 22.7, "debt_ebitda": 6.9, "debt_ratio": 57.7, "debt_mv": 73.3, "payout": 31.9, "div_years": 2, "rev_cagr3": -10.8, "np_cagr3": -30.4, "rev_yoy": 59.3, "np_yoy": 1828.1, "np_vol": 63.3, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["负极材料", 33.0], ["石墨负极材料", 33.0], ["其他业务-负极材料相关", 0.0]], "ret_prev_year": -1.5, "ret_prev2_year": -11.7, "ret_ytd": -12.9, "ret_pivot": 8.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.2, "ret_60": -20.8, "ret_120": -21.2, "ret_250": -17.7, "mdd_250": -45.5, "vol_250": 44.8, "pos_52w": 60.7}, "S": {"duration": 51, "pricing": 45, "hard": 75, "bondness": 48}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 28.6 倍、股息率 0.4%、毛利率近 5 年中位 22.1%、固定资产占比 47%、有息负债/EBITDA 6.9 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 47%),没有定价权:毛利率近 5 年中位 22.1%,稳定度 85%。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 -19.7%(经营现金流/市值 3.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.1%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -9.0 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 47%,资本开支/折旧 4.62 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.6 倍 粗算,约 83%(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 -18%,最大回撤 -46%,年化波动 45%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -2% / -21% / -21%。", "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%。", "翔丰华:PE 比行业中位低 7.2倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 4.3个百分点;固定资产占比 比行业中位高 18.8个百分点。"]}}