{"F": {"ts_code": "601137.SH", "name": "博威合金", "mkt": "CN", "ccy": "元", "sw1": "有色金属", "sw2": "金属新材料", "sw3": "其他金属新材料", "ind": "金属新材料", "fin_source": "tushare", "market": "主板", "list_date": "20110127", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 20.58, "pe_ttm": null, "pb": 1.9302, "dv_ttm": 0.1993, "total_mv": 1889505.1602, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.1, 12.3, 12.9, 17.3, 18.0, 13.0], "rev_series": [75.9, 100.4, 134.5, 177.6, 186.6, 207.5], "np_series": [4.3, 3.1, 5.4, 11.2, 13.5, 1.2], "roe_series": [9.6, 5.9, 9.4, 17.1, 17.4, 1.4], "period": "20260630", "rev_ttm": 231.7, "np_ttm": -1.6, "ocf_ttm": -6.0, "fcf_ttm": -18.1, "fcf_yield": -9.6, "ocf_yield": -3.2, "gm_median": 13.0, "gm_std": 2.4, "gm_stab": 0.81, "gm_chg_2022": -4.1, "npm_median": 4.0, "roe_median": 9.4, "commodity": false, "hard_ratio": 26.5, "fix_assets": 59.6, "goodwill_ratio": 0.1, "pb_calc": 1.93, "capex_dep": 2.56, "interest_debt": 79.9, "debt_ebitda": 5.2, "debt_ratio": 56.5, "debt_mv": 42.3, "payout": 31.5, "div_years": 5, "rev_cagr3": 15.6, "np_cagr3": -38.5, "rev_yoy": 23.6, "np_yoy": -41.7, "np_vol": 71.1, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 3, "fwd_pe": 25.2, "fwd_pe2": 17.5, "fwd_g1": null, "fwd_g2": 44.0, "peg": 0.57, "consensus_disp": null, "mainbz": [["产品", 50.0], ["新材料产品", 43.0], ["新能源产品", 7.0], ["其他业务", 1.0]], "ret_prev_year": 8.0, "ret_prev2_year": 35.9, "ret_ytd": -3.5, "ret_pivot": 58.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 14.3, "ret_60": -16.7, "ret_120": 2.4, "ret_250": -23.5, "mdd_250": -38.6, "vol_250": 48.0, "pos_52w": 77.4}, "S": {"duration": 100, "pricing": 39, "hard": 42, "bondness": 32}, "label": "亏损或困境", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -1.6 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 56%,有息负债 80 亿,经营现金流/市值 -3.2%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 26%,毛利率近 5 年中位 13.0%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -9.6%(经营现金流/市值 -3.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.0%,稳定度 81%,2020→2022 成本通胀期毛利率变化 -4.1 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 26%,资本开支/折旧 2.56 倍。有一些。"], ["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 -24%,最大回撤 -39%,年化波动 48%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 14% / -17% / 2%。", "行业对照": ["同申万二级「金属新材料」35 家中位:PE 58.5 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 35%。", "博威合金:PE ;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 4.8个百分点;固定资产占比 比行业中位高 3.6个百分点。"]}}