{"F": {"ts_code": "301513.SZ", "name": "尚水智能", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电池", "sw3": "锂电专用设备", "ind": "电池", "fin_source": "tushare", "market": "创业板", "list_date": "20260417", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 44.8, "pe_ttm": 52.7835, "pb": 3.4434, "dv_ttm": 1.0491, "total_mv": 448000.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.9, 48.2, 48.1, 57.1, 48.7, 43.1], "rev_series": [null, null, 4.0, 6.0, 6.4, 8.1], "np_series": [null, null, 1.0, 2.3, 1.5, 1.6], "roe_series": [23.1, 33.8, 81.3, 76.7, 30.6, 24.1], "period": "20260630", "rev_ttm": 10.4, "np_ttm": 0.9, "ocf_ttm": 3.6, "fcf_ttm": 2.5, "fcf_yield": 5.5, "ocf_yield": 7.9, "gm_median": 48.2, "gm_std": 4.5, "gm_stab": 0.91, "gm_chg_2022": 5.2, "npm_median": 24.0, "roe_median": 33.8, "commodity": false, "hard_ratio": 12.1, "fix_assets": 4.0, "goodwill_ratio": 0.0, "pb_calc": 3.44, "capex_dep": null, "interest_debt": 2.9, "debt_ebitda": 2.0, "debt_ratio": 60.9, "debt_mv": 6.5, "payout": 22.6, "div_years": 1, "rev_cagr3": 26.9, "np_cagr3": 18.0, "rev_yoy": 58.4, "np_yoy": -76.2, "np_vol": 189.6, "loss_years": 0, "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", 35.0], ["新能源电池极片制造智能装备", 30.0], ["微纳米材料智能处理系统", 30.0], ["合计特别调整", 6.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.3, "ret_60": -25.0, "ret_120": null, "ret_250": null, "mdd_250": -56.4, "vol_250": 67.6, "pos_52w": 43.7}, "S": {"duration": 73, "pricing": 67, "hard": 19, "bondness": 20}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 12%,毛利率近 5 年中位 48.2%,自由现金流/市值 5.5%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 48.2%),硬资产占比 12%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 5.5%(经营现金流/市值 7.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 48.2%,稳定度 91%,2020→2022 成本通胀期毛利率变化 5.2 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 12%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 52.8 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?"]], "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%。", "尚水智能:PE 比行业中位高 17.0倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 30.4个百分点;固定资产占比 比行业中位低 15.7个百分点。"]}}