{"F": {"ts_code": "301487.SZ", "name": "盟固利", "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": "20230809", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.71, "pe_ttm": 135.4435, "pb": 3.7533, "dv_ttm": 0.0383, "total_mv": 722057.3644, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.9, 9.8, 7.4, 7.1, 5.2, 8.0], "rev_series": [16.5, 28.3, 32.3, 23.6, 17.9, 23.2], "np_series": [0.8, 1.0, 0.9, 0.6, -0.7, 0.3], "roe_series": [5.7, 6.8, 5.7, 3.2, -3.7, 1.4], "period": "20260630", "rev_ttm": 28.7, "np_ttm": 0.5, "ocf_ttm": 2.9, "fcf_ttm": 2.5, "fcf_yield": 3.4, "ocf_yield": 4.0, "gm_median": 7.4, "gm_std": 1.5, "gm_stab": 0.8, "gm_chg_2022": -2.5, "npm_median": 2.4, "roe_median": 3.2, "commodity": false, "hard_ratio": 21.1, "fix_assets": 8.7, "goodwill_ratio": 0.0, "pb_calc": 3.75, "capex_dep": 0.4, "interest_debt": 3.8, "debt_ebitda": 2.1, "debt_ratio": 53.3, "debt_mv": 5.3, "payout": 14.0, "div_years": 2, "rev_cagr3": -10.5, "np_cagr3": -33.5, "rev_yoy": 54.3, "np_yoy": 686.9, "np_vol": 116.9, "loss_years": 1, "far_share": 96.0, "earn_yield": 0.7, "consensus_n": 2, "fwd_pe": 98.2, "fwd_pe2": 60.4, "fwd_g1": 38.0, "fwd_g2": 62.0, "peg": 1.58, "consensus_disp": null, "mainbz": [["产品", 38.0], ["三元正极材料", 23.0], ["三元", 23.0], ["钴酸锂", 14.0]], "ret_prev_year": 3.1, "ret_prev2_year": -49.5, "ret_ytd": -28.3, "ret_pivot": 2.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.0, "ret_60": -24.3, "ret_120": -33.9, "ret_250": -29.9, "mdd_250": -51.0, "vol_250": 47.7, "pos_52w": 53.2}, "S": {"duration": 97, "pricing": 37, "hard": 34, "bondness": 31}, "label": "中性", "tags": [], "text": {"像什么": ["PE 135.4 倍、股息率 0.0%、毛利率近 5 年中位 7.4%、固定资产占比 21%、有息负债/EBITDA 2.1 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 21%,毛利率近 5 年中位 7.4%。", "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 3.4%(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 7.4%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -2.5 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 21%,资本开支/折旧 0.40 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 135.4 倍 粗算,约 96%(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 -30%,最大回撤 -51%,年化波动 48%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -4% / -24% / -34%。", "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%。", "盟固利:PE 比行业中位高 99.6倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位低 10.4个百分点;固定资产占比 比行业中位低 6.7个百分点。"]}}