{"F": {"ts_code": "301150.SZ", "name": "中一科技", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电池", "sw3": "锂电池", "ind": "电池", "fin_source": "tushare", "market": "创业板", "list_date": "20220421", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 36.11, "pe_ttm": 53.9962, "pb": 3.1446, "dv_ttm": 0.5427, "total_mv": 1169616.9829, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.0, 27.3, 20.1, 6.1, 3.0, 6.0], "rev_series": [11.7, 22.0, 29.0, 34.2, 47.9, 58.7], "np_series": [1.2, 3.8, 4.1, 0.5, -0.8, 0.7], "roe_series": [20.4, 44.3, 16.6, 1.4, -2.3, 1.8], "period": "20260630", "rev_ttm": 71.4, "np_ttm": 2.2, "ocf_ttm": 5.2, "fcf_ttm": 5.0, "fcf_yield": 4.3, "ocf_yield": 4.4, "gm_median": 6.1, "gm_std": 9.5, "gm_stab": -0.56, "gm_chg_2022": -0.8, "npm_median": 1.6, "roe_median": 1.8, "commodity": false, "hard_ratio": 15.2, "fix_assets": 12.5, "goodwill_ratio": 0.1, "pb_calc": 3.14, "capex_dep": 0.1, "interest_debt": 6.4, "debt_ebitda": 1.7, "debt_ratio": 54.8, "debt_mv": 5.5, "payout": 62.2, "div_years": 4, "rev_cagr3": 26.6, "np_cagr3": -45.9, "rev_yoy": 47.2, "np_yoy": 988.0, "np_vol": 172.5, "loss_years": 1, "far_share": 91.0, "earn_yield": 1.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["锂电铜箔", 37.0], ["电子电路铜箔", 12.0], ["其他主营", 0.0]], "ret_prev_year": 157.3, "ret_prev2_year": -9.6, "ret_ytd": 21.2, "ret_pivot": 296.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.7, "ret_60": -14.4, "ret_120": -0.4, "ret_250": 63.1, "mdd_250": -54.4, "vol_250": 84.9, "pos_52w": 51.7}, "S": {"duration": 74, "pricing": 10, "hard": 24, "bondness": 30}, "label": "中性", "tags": [], "text": {"像什么": ["PE 54.0 倍、股息率 0.5%、毛利率近 5 年中位 6.1%、固定资产占比 15%、有息负债/EBITDA 1.7 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 15%,毛利率近 5 年中位 6.1%。", "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 4.3%(经营现金流/市值 4.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 6.1%,稳定度 -56%,2020→2022 成本通胀期毛利率变化 -0.8 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 15%,资本开支/折旧 0.10 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 54.0 倍 粗算,约 91%(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 63%,最大回撤 -54%,年化波动 85%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -12% / -14% / -0%。", "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%。", "中一科技:PE 比行业中位高 18.2倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 11.7个百分点;固定资产占比 比行业中位低 12.6个百分点。"]}}