{"F": {"ts_code": "301327.SZ", "name": "华宝新能", "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": "20220919", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 43.12, "pe_ttm": null, "pb": 1.2336, "dv_ttm": null, "total_mv": 751932.5968, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [56.1, 47.4, 44.3, 39.7, 44.1, 37.6], "rev_series": [10.7, 23.2, 32.0, 23.1, 36.1, 41.4], "np_series": [2.3, 2.8, 2.9, -1.7, 2.4, 0.2], "roe_series": [168.3, 75.7, 8.3, -2.8, 3.9, 0.3], "period": "20260630", "rev_ttm": 47.1, "np_ttm": -1.0, "ocf_ttm": -0.4, "fcf_ttm": -1.2, "fcf_yield": -1.7, "ocf_yield": -0.5, "gm_median": 44.1, "gm_std": 3.5, "gm_stab": 0.92, "gm_chg_2022": -11.8, "npm_median": 6.6, "roe_median": 3.9, "commodity": false, "hard_ratio": 2.4, "fix_assets": 1.8, "goodwill_ratio": 0.0, "pb_calc": 1.23, "capex_dep": 2.39, "interest_debt": 0.4, "debt_ebitda": 1.0, "debt_ratio": 19.7, "debt_mv": 0.6, "payout": 74.2, "div_years": 2, "rev_cagr3": 8.9, "np_cagr3": -60.9, "rev_yoy": 34.7, "np_yoy": -91.5, "np_vol": 135.2, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 7, "fwd_pe": 36.2, "fwd_pe2": 19.9, "fwd_g1": null, "fwd_g2": 82.0, "peg": 0.44, "consensus_disp": null, "mainbz": [["产品", 33.0], ["储能产品", 27.0], ["便携储能产品", 27.0], ["太阳能板", 6.0]], "ret_prev_year": 6.9, "ret_prev2_year": 0.8, "ret_ytd": -25.2, "ret_pivot": -4.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.2, "ret_60": -15.3, "ret_120": -31.2, "ret_250": -27.5, "mdd_250": -45.6, "vol_250": 41.6, "pos_52w": 56.1}, "S": {"duration": 100, "pricing": 58, "hard": 4, "bondness": 40}, "label": "亏损或困境", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -1.0 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 20%,有息负债 0 亿,经营现金流/市值 -0.5%: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": "只占定价权一条(毛利率 44.1%),硬资产占比 2%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -1.7%(经营现金流/市值 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 44.1%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -11.8 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 2%,资本开支/折旧 2.39 倍。没有资产可言。"], ["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 -28%,最大回撤 -46%,年化波动 42%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -4% / -15% / -31%。", "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%。", "华宝新能:PE ;股息率 ;毛利率 比行业中位高 26.3个百分点;固定资产占比 比行业中位低 25.4个百分点。"]}}