{"F": {"ts_code": "301587.SZ", "name": "中瑞股份", "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": "20240408", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.91, "pe_ttm": 49.0265, "pb": 1.538, "dv_ttm": 0.6447, "total_mv": 308063.0571, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.7, 38.8, 40.2, 37.3, 27.6, 24.6], "rev_series": [null, null, 7.6, 6.9, 6.4, 6.9], "np_series": [null, null, 1.8, 1.4, 0.8, 0.5], "roe_series": [10.1, 17.4, 18.6, 11.8, 4.6, 2.6], "period": "20260630", "rev_ttm": 8.1, "np_ttm": 0.6, "ocf_ttm": 0.9, "fcf_ttm": -1.3, "fcf_yield": -4.3, "ocf_yield": 3.0, "gm_median": 37.3, "gm_std": 6.4, "gm_stab": 0.83, "gm_chg_2022": 5.5, "npm_median": 19.8, "roe_median": 11.8, "commodity": false, "hard_ratio": 53.9, "fix_assets": 13.1, "goodwill_ratio": 0.0, "pb_calc": 1.54, "capex_dep": 1.6, "interest_debt": 0.2, "debt_ebitda": 0.1, "debt_ratio": 16.9, "debt_mv": 0.8, "payout": 51.8, "div_years": 2, "rev_cagr3": -3.3, "np_cagr3": -34.7, "rev_yoy": 35.7, "np_yoy": 70.0, "np_vol": 57.0, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 46.0], ["组合盖帽", 35.0], ["其他主营业务", 7.0], ["其他", 7.0]], "ret_prev_year": 1.7, "ret_prev2_year": null, "ret_ytd": -10.6, "ret_pivot": 5.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.7, "ret_60": -10.2, "ret_120": -16.3, "ret_250": -11.1, "mdd_250": -41.2, "vol_250": 46.7, "pos_52w": 68.4}, "S": {"duration": 71, "pricing": 59, "hard": 86, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 49.0 倍、股息率 0.6%、毛利率近 5 年中位 37.3%、固定资产占比 54%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 54%),没有定价权:毛利率近 5 年中位 37.3%,稳定度 83%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -4.3%(经营现金流/市值 3.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.3%,稳定度 83%,2020→2022 成本通胀期毛利率变化 5.5 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 54%,资本开支/折旧 1.60 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 49.0 倍 粗算,约 90%(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 -11%,最大回撤 -41%,年化波动 47%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -2% / -10% / -16%。", "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%。", "中瑞股份:PE 比行业中位高 13.2倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 19.5个百分点;固定资产占比 比行业中位高 26.1个百分点。"]}}