{"F": {"ts_code": "301238.SZ", "name": "瑞泰新材", "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": "20220617", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.7, "pe_ttm": 35.8269, "pb": 1.5794, "dv_ttm": 1.9108, "total_mv": 1151333.281, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.1, 21.5, 19.6, 20.5, 19.9, 17.9], "rev_series": [18.2, 52.0, 61.3, 37.2, 21.0, 20.5], "np_series": [2.6, 6.0, 7.8, 4.7, 0.8, 2.2], "roe_series": [17.0, 26.6, 16.7, 6.7, 1.2, 3.1], "period": "20260630", "rev_ttm": 25.4, "np_ttm": 3.2, "ocf_ttm": -1.1, "fcf_ttm": -2.3, "fcf_yield": -2.0, "ocf_yield": -1.0, "gm_median": 19.9, "gm_std": 1.2, "gm_stab": 0.94, "gm_chg_2022": -8.4, "npm_median": 13.0, "roe_median": 6.7, "commodity": false, "hard_ratio": 18.5, "fix_assets": 17.4, "goodwill_ratio": 0.0, "pb_calc": 1.58, "capex_dep": 0.68, "interest_debt": 10.4, "debt_ebitda": 3.6, "debt_ratio": 21.8, "debt_mv": 9.0, "payout": 83.3, "div_years": 4, "rev_cagr3": -30.6, "np_cagr3": -34.1, "rev_yoy": 49.8, "np_yoy": 120.9, "np_vol": 95.2, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["电子化学品", 93.0], ["合计特别调整", 4.0], ["其他业务", 4.0]], "ret_prev_year": 32.4, "ret_prev2_year": -9.9, "ret_ytd": -22.3, "ret_pivot": 25.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.4, "ret_60": -27.5, "ret_120": -24.1, "ret_250": -18.1, "mdd_250": -45.2, "vol_250": 49.1, "pos_52w": 59.4}, "S": {"duration": 59, "pricing": 47, "hard": 30, "bondness": 71}, "label": "中性", "tags": [], "text": {"像什么": ["PE 35.8 倍、股息率 1.9%、毛利率近 5 年中位 19.9%、固定资产占比 18%、有息负债/EBITDA 3.6 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 18%,毛利率近 5 年中位 19.9%。", "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 -2.0%(经营现金流/市值 -1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.9%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -8.4 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 18%,资本开支/折旧 0.68 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 35.8 倍 粗算,约 86%(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 -45%,年化波动 49%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -5% / -28% / -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%。", "瑞泰新材:PE 与行业中位持平;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位高 2.1个百分点;固定资产占比 比行业中位低 9.3个百分点。"]}}