{"F": {"ts_code": "600110.SH", "name": "诺德股份", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电池", "sw3": "锂电池", "ind": "电池", "fin_source": "tushare", "market": "主板", "list_date": "19971007", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.03, "pe_ttm": null, "pb": 3.1862, "dv_ttm": null, "total_mv": 1913904.5327, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.4, 24.7, 20.3, 10.4, 6.3, 9.7], "rev_series": [21.5, 44.5, 47.1, 45.7, 52.8, 73.3], "np_series": [0.1, 4.1, 3.5, 0.3, -3.5, -3.0], "roe_series": [0.2, 11.2, 7.0, 0.4, -6.0, -5.3], "period": "20260630", "rev_ttm": 107.5, "np_ttm": -1.2, "ocf_ttm": -20.6, "fcf_ttm": -31.5, "fcf_yield": -16.5, "ocf_yield": -10.7, "gm_median": 10.4, "gm_std": 7.0, "gm_stab": 0.33, "gm_chg_2022": -0.1, "npm_median": 1.1, "roe_median": 0.4, "commodity": false, "hard_ratio": 36.1, "fix_assets": 82.7, "goodwill_ratio": 0.0, "pb_calc": 3.19, "capex_dep": 2.34, "interest_debt": 105.1, "debt_ebitda": 10.9, "debt_ratio": 67.0, "debt_mv": 54.9, "payout": 602.4, "div_years": 2, "rev_cagr3": 15.9, "np_cagr3": null, "rev_yoy": 113.3, "np_yoy": 242.1, "np_vol": 3160.8, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 3, "fwd_pe": 43.5, "fwd_pe2": 15.2, "fwd_g1": null, "fwd_g2": 187.0, "peg": 0.23, "consensus_disp": null, "mainbz": [["电子信息材料", 46.0], ["其他电子信息功能材料", 46.0], ["其他业务", 4.0], ["电线电缆行业", 1.0]], "ret_prev_year": 77.2, "ret_prev2_year": -29.1, "ret_ytd": 55.6, "ret_pivot": 304.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.4, "ret_60": -9.7, "ret_120": 32.3, "ret_250": 51.3, "mdd_250": -54.4, "vol_250": 67.6, "pos_52w": 62.8}, "S": {"duration": 100, "pricing": 24, "hard": 58, "bondness": 54}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损", "资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["资产很重:固定资产占总资产 36%,但毛利率近 5 年中位只有 10.4%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -0.1 个百分点;有息负债/EBITDA 10.9 倍,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 36%),没有定价权:毛利率近 5 年中位 10.4%,稳定度 33%。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": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -16.5%(经营现金流/市值 -10.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.4%,稳定度 33%,2020→2022 成本通胀期毛利率变化 -0.1 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 36%,资本开支/折旧 2.34 倍。涨。"], ["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 51%,最大回撤 -54%,年化波动 68%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 5% / -10% / 32%。", "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%。", "诺德股份:PE ;股息率 ;毛利率 比行业中位低 7.4个百分点;固定资产占比 比行业中位高 8.3个百分点。"]}}