{"F": {"ts_code": "301152.SZ", "name": "天力锂能", "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": "20220829", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.31, "pe_ttm": null, "pb": 2.1862, "dv_ttm": null, "total_mv": 264909.1631, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.8, 14.0, 12.2, -6.8, -2.9, 4.5], "rev_series": [12.4, 16.6, 26.2, 24.4, 17.5, 22.0], "np_series": [0.6, 0.8, 1.3, -5.0, -4.7, -2.0], "roe_series": [8.0, 10.9, 7.9, -22.3, -27.9, -15.5], "period": "20260630", "rev_ttm": 24.5, "np_ttm": -1.3, "ocf_ttm": 1.1, "fcf_ttm": 1.0, "fcf_yield": 3.8, "ocf_yield": 4.0, "gm_median": 4.5, "gm_std": 8.1, "gm_stab": -0.81, "gm_chg_2022": 0.5, "npm_median": -9.8, "roe_median": -15.5, "commodity": false, "hard_ratio": 28.1, "fix_assets": 7.8, "goodwill_ratio": 0.0, "pb_calc": 2.19, "capex_dep": 0.08, "interest_debt": 6.3, "debt_ebitda": 9.6, "debt_ratio": 56.1, "debt_mv": 23.9, "payout": null, "div_years": 1, "rev_cagr3": -5.6, "np_cagr3": null, "rev_yoy": 25.8, "np_yoy": 127.5, "np_vol": 208.9, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["三元材料", 39.0], ["磷酸铁锂", 6.0], ["碳酸锂", 4.0]], "ret_prev_year": -7.0, "ret_prev2_year": -10.2, "ret_ytd": -27.0, "ret_pivot": -10.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 13.4, "ret_60": -7.0, "ret_120": -24.4, "ret_250": -22.0, "mdd_250": -57.3, "vol_250": 53.9, "pos_52w": 52.1}, "S": {"duration": 100, "pricing": 10, "hard": 45, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.3 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 56%,有息负债 6 亿,经营现金流/市值 4.0%:先看现金流能否覆盖利息,再谈久期。"], "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 4.5%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.8%(经营现金流/市值 4.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 4.5%,稳定度 -81%,2020→2022 成本通胀期毛利率变化 0.5 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 0.08 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -22%,最大回撤 -57%,年化波动 54%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 13% / -7% / -24%。", "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%。", "天力锂能:PE ;股息率 ;毛利率 比行业中位低 13.3个百分点;固定资产占比 比行业中位高 0.3个百分点。"]}}