{"F": {"ts_code": "600152.SH", "name": "维科技术", "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": "19980609", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.08, "pe_ttm": null, "pb": 2.6269, "dv_ttm": null, "total_mv": 427496.1552, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.0, 12.4, 9.7, 9.0, 13.9, 14.5], "rev_series": [17.4, 20.8, 23.3, 16.7, 15.3, 14.2], "np_series": [0.5, -1.3, -1.0, -1.2, -0.3, -1.0], "roe_series": [3.5, -7.5, -5.4, -6.5, -1.6, -5.6], "period": "20260630", "rev_ttm": 16.2, "np_ttm": -0.9, "ocf_ttm": -0.7, "fcf_ttm": -1.5, "fcf_yield": -3.5, "ocf_yield": -1.6, "gm_median": 12.4, "gm_std": 2.2, "gm_stab": 0.82, "gm_chg_2022": -8.3, "npm_median": -6.2, "roe_median": -5.6, "commodity": false, "hard_ratio": 40.8, "fix_assets": 11.6, "goodwill_ratio": 0.0, "pb_calc": 2.63, "capex_dep": 0.55, "interest_debt": 1.4, "debt_ebitda": 1.2, "debt_ratio": 44.1, "debt_mv": 3.4, "payout": null, "div_years": 0, "rev_cagr3": -15.2, "np_cagr3": null, "rev_yoy": 31.3, "np_yoy": 4.8, "np_vol": 166.0, "loss_years": 5, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["消费类聚合物电池", 36.0], ["小动力电池", 6.0], ["储能电池", 3.0]], "ret_prev_year": 21.5, "ret_prev2_year": -17.4, "ret_ytd": 10.7, "ret_pivot": 57.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.4, "ret_60": -21.8, "ret_120": -17.3, "ret_250": 21.3, "mdd_250": -55.6, "vol_250": 61.1, "pos_52w": 51.5}, "S": {"duration": 100, "pricing": 39, "hard": 65, "bondness": 24}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 41%,但毛利率近 5 年中位只有 12.4%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -8.3 个百分点;有息负债/EBITDA 1.2 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 41%),没有定价权:毛利率近 5 年中位 12.4%,稳定度 82%。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 -3.5%(经营现金流/市值 -1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.4%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -8.3 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 41%,资本开支/折旧 0.55 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 21%,最大回撤 -56%,年化波动 61%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -0% / -22% / -17%。", "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%。", "维科技术:PE ;股息率 ;毛利率 比行业中位低 5.4个百分点;固定资产占比 比行业中位高 13.0个百分点。"]}}