{"F": {"ts_code": "601311.SH", "name": "骆驼股份", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电池", "sw3": "蓄电池及其他电池", "ind": "电池", "fin_source": "tushare", "market": "主板", "list_date": "20110602", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.66, "pe_ttm": 15.3448, "pb": 0.9051, "dv_ttm": 4.6997, "total_mv": 898629.9126, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.7, 17.0, 14.2, 15.1, 15.2, 15.0], "rev_series": [96.4, 124.0, 134.3, 140.8, 155.9, 163.0], "np_series": [7.3, 8.3, 4.7, 5.7, 6.1, 8.4], "roe_series": [10.4, 10.5, 5.4, 6.3, 6.5, 8.5], "period": "20260630", "rev_ttm": 159.5, "np_ttm": 5.9, "ocf_ttm": 6.2, "fcf_ttm": 2.4, "fcf_yield": 2.7, "ocf_yield": 6.9, "gm_median": 15.1, "gm_std": 0.9, "gm_stab": 0.94, "gm_chg_2022": -5.5, "npm_median": 4.1, "roe_median": 6.5, "commodity": false, "hard_ratio": 26.2, "fix_assets": 41.8, "goodwill_ratio": 2.1, "pb_calc": 0.91, "capex_dep": 0.82, "interest_debt": 19.3, "debt_ebitda": 1.6, "debt_ratio": 36.8, "debt_mv": 21.5, "payout": 55.1, "div_years": 5, "rev_cagr3": 6.7, "np_cagr3": 21.2, "rev_yoy": -4.4, "np_yoy": -47.4, "np_vol": 27.2, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.5, "consensus_n": 9, "fwd_pe": 10.1, "fwd_pe2": 8.8, "fwd_g1": 51.0, "fwd_g2": 16.0, "peg": 0.63, "consensus_disp": null, "mainbz": [["铅酸电池", 43.0], ["低压铅酸电池", 43.0], ["再生铅", 6.0], ["锂电池", 4.0]], "ret_prev_year": 15.3, "ret_prev2_year": 7.8, "ret_ytd": -13.1, "ret_pivot": 14.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.7, "ret_60": 1.9, "ret_120": -19.2, "ret_250": -21.9, "mdd_250": -35.3, "vol_250": 31.1, "pos_52w": 68.8}, "S": {"duration": 32, "pricing": 44, "hard": 42, "bondness": 66}, "label": "现金流红利", "tags": ["股息率≥4%", "PEG<0.8"], "text": {"像什么": ["分红率 55%、股息率 4.7%、营收 3 年复合 6.7%、有息负债/EBITDA 1.6 倍:红利底仓,但不靠杠杆。"], "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 15.1%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.7%(经营现金流/市值 6.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.1%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -5.5 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 0.82 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.3 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -22%,最大回撤 -35%,年化波动 31%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 -3% / 2% / -19%。", "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%。", "骆驼股份:PE 比行业中位低 20.5倍;股息率 比行业中位高 4.0个百分点;毛利率 比行业中位低 2.7个百分点;固定资产占比 比行业中位低 1.6个百分点。"]}}