{"F": {"ts_code": "600478.SH", "name": "科力远", "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": "20030918", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.76, "pe_ttm": 55.355, "pb": 2.741, "dv_ttm": null, "total_mv": 806305.3964, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.9, 14.6, 15.1, 9.7, 14.5, 13.6], "rev_series": [25.5, 30.6, 37.9, 37.1, 39.4, 57.5], "np_series": [0.6, 0.4, 1.8, -0.7, 0.8, 1.4], "roe_series": [2.2, 1.6, 6.6, -2.5, 2.9, 5.0], "period": "20260630", "rev_ttm": 64.0, "np_ttm": 1.5, "ocf_ttm": -1.5, "fcf_ttm": -5.3, "fcf_yield": -6.6, "ocf_yield": -1.8, "gm_median": 14.5, "gm_std": 2.0, "gm_stab": 0.86, "gm_chg_2022": 2.2, "npm_median": 0.9, "roe_median": 2.9, "commodity": false, "hard_ratio": 18.1, "fix_assets": 23.4, "goodwill_ratio": 1.2, "pb_calc": 2.74, "capex_dep": 1.89, "interest_debt": 57.0, "debt_ebitda": 9.4, "debt_ratio": 76.2, "debt_mv": 70.7, "payout": 32.0, "div_years": 1, "rev_cagr3": 14.9, "np_cagr3": -7.7, "rev_yoy": 36.1, "np_yoy": 10.3, "np_vol": 164.3, "loss_years": 1, "far_share": 91.0, "earn_yield": 1.8, "consensus_n": 1, "fwd_pe": 34.0, "fwd_pe2": 26.4, "fwd_g1": 63.0, "fwd_g2": 29.0, "peg": 1.17, "consensus_disp": null, "mainbz": [["产品", 39.0], ["储能产品", 10.0], ["储能", 10.0], ["消费类电池", 9.0]], "ret_prev_year": 66.8, "ret_prev2_year": -15.8, "ret_ytd": -30.9, "ret_pivot": 48.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.2, "ret_60": -11.9, "ret_120": -39.1, "ret_250": -22.1, "mdd_250": -45.8, "vol_250": 39.1, "pos_52w": 56.9}, "S": {"duration": 75, "pricing": 46, "hard": 29, "bondness": 31}, "label": "中性", "tags": [], "text": {"像什么": ["PE 55.4 倍、股息率 —、毛利率近 5 年中位 14.5%、固定资产占比 18%、有息负债/EBITDA 9.4 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 14.5%。", "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 -6.6%(经营现金流/市值 -1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.5%,稳定度 86%,2020→2022 成本通胀期毛利率变化 2.2 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 18%,资本开支/折旧 1.89 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 55.4 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?"]], "价格行为": "近一年 -22%,最大回撤 -46%,年化波动 39%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -4% / -12% / -39%。", "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%。", "科力远:PE 比行业中位高 19.6倍;股息率 ;毛利率 比行业中位低 3.3个百分点;固定资产占比 比行业中位低 9.7个百分点。"]}}