{"F": {"ts_code": "301697.SZ", "name": "C贝特利", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏辅材", "ind": "光伏设备", "fin_source": "tushare", "market": "创业板", "list_date": "20260901", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.45, "pe_ttm": 43.754, "pb": 7.6808, "dv_ttm": null, "total_mv": 721111.5, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.3, 10.3, 10.9, 10.0], "rev_series": [6.4, 22.7, 25.2, 36.5], "np_series": [0.2, 0.9, 1.0, 1.2], "roe_series": [3.0, 14.6, 14.4, 14.8], "period": "20260630", "rev_ttm": 52.2, "np_ttm": 1.6, "ocf_ttm": -4.9, "fcf_ttm": -5.0, "fcf_yield": -6.9, "ocf_yield": -6.8, "gm_median": 10.6, "gm_std": 4.3, "gm_stab": 0.59, "gm_chg_2022": null, "npm_median": 3.5, "roe_median": 14.5, "commodity": false, "hard_ratio": 17.6, "fix_assets": 3.2, "goodwill_ratio": 0.0, "pb_calc": 7.68, "capex_dep": 0.25, "interest_debt": 6.9, "debt_ebitda": 3.0, "debt_ratio": 48.2, "debt_mv": 9.6, "payout": null, "div_years": 0, "rev_cagr3": 79.1, "np_cagr3": 91.5, "rev_yoy": 116.9, "np_yoy": 105.4, "np_vol": 189.3, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 67, "pricing": 33, "hard": 28, "bondness": 9}, "label": "中性", "tags": [], "text": {"像什么": ["PE 43.8 倍、股息率 —、毛利率近 5 年中位 10.6%、固定资产占比 18%、有息负债/EBITDA 3.0 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 10.6%。", "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 -6.9%(经营现金流/市值 -6.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.6%,稳定度 59%。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 0.25 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 43.8 倍 粗算,约 89%(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「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "C贝特利:PE 比行业中位高 2.8倍;股息率 ;毛利率 比行业中位低 7.2个百分点;固定资产占比 比行业中位低 5.0个百分点。"]}}