{"F": {"ts_code": "600620.SH", "name": "天宸股份", "mkt": "CN", "ccy": "元", "sw1": "综合", "sw2": "综合Ⅱ", "sw3": "综合Ⅲ", "ind": "综合Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19921117", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.43, "pe_ttm": 275.4164, "pb": 2.1643, "dv_ttm": 0.2257, "total_mv": 304197.9553, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [53.8, 70.1, 59.3, 61.9, 44.1, 43.0], "rev_series": [0.4, 0.4, 2.4, 3.0, 3.4, 3.0], "np_series": [1.1, 1.2, 0.4, 0.2, 0.3, 0.2], "roe_series": [4.3, 5.4, 1.7, 1.2, 2.1, 1.3], "period": "20260630", "rev_ttm": 2.2, "np_ttm": 0.1, "ocf_ttm": -6.4, "fcf_ttm": -6.9, "fcf_yield": -22.6, "ocf_yield": -21.2, "gm_median": 59.3, "gm_std": 10.5, "gm_stab": 0.82, "gm_chg_2022": 5.5, "npm_median": 9.6, "roe_median": 1.7, "commodity": false, "hard_ratio": 1.4, "fix_assets": 0.4, "goodwill_ratio": 0.0, "pb_calc": 2.16, "capex_dep": 2.05, "interest_debt": 4.5, "debt_ebitda": 197.1, "debt_ratio": 53.8, "debt_mv": 14.9, "payout": 33.3, "div_years": 5, "rev_cagr3": 7.0, "np_cagr3": -19.2, "rev_yoy": -47.7, "np_yoy": -41.9, "np_vol": 42.9, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 36.0], ["储能产品收入", 22.0], ["储能产品", 22.0], ["其他业务", 9.0]], "ret_prev_year": 14.0, "ret_prev2_year": -39.2, "ret_ytd": -31.7, "ret_pivot": -4.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.0, "ret_60": -0.7, "ret_120": -33.0, "ret_250": -30.6, "mdd_250": -47.4, "vol_250": 34.7, "pos_52w": 61.1}, "S": {"duration": 100, "pricing": 70, "hard": 2, "bondness": 41}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 275.4 倍、股息率 0.2%、毛利率近 5 年中位 59.3%、固定资产占比 1%、有息负债/EBITDA 197.1 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 1%,毛利率近 5 年中位 59.3%。", "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 -22.6%(经营现金流/市值 -21.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 59.3%,稳定度 82%,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 1%,资本开支/折旧 2.05 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 275.4 倍 粗算,约 98%(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 -31%,最大回撤 -47%,年化波动 35%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 6% / -1% / -33%。", "行业对照": ["同申万二级「综合Ⅱ」20 家中位:PE 46.7 / 股息率 0.9% / 毛利率 15.5% / 固定资产占比 12% / 分红率 35%。", "天宸股份:PE 比行业中位高 228.7倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位高 43.8个百分点;固定资产占比 比行业中位低 11.0个百分点。"]}}