{"F": {"ts_code": "603031.SH", "name": "安孚科技", "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": "20160822", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 39.44, "pe_ttm": 46.6749, "pb": 5.12, "dv_ttm": 0.4197, "total_mv": 1474448.2296, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.4, 22.6, 46.6, 47.4, 48.8, 49.4], "rev_series": [17.7, 16.8, 33.8, 43.2, 46.4, 47.7], "np_series": [-0.1, -0.5, 0.8, 1.2, 1.7, 2.3], "roe_series": [-1.1, -8.7, 14.5, 9.5, 9.1, 9.9], "period": "20260630", "rev_ttm": 47.3, "np_ttm": 3.2, "ocf_ttm": 10.6, "fcf_ttm": 9.2, "fcf_yield": 6.3, "ocf_yield": 7.2, "gm_median": 47.4, "gm_std": 10.2, "gm_stab": 0.78, "gm_chg_2022": 26.2, "npm_median": 16.5, "roe_median": 9.5, "commodity": false, "hard_ratio": 10.4, "fix_assets": 6.8, "goodwill_ratio": 44.5, "pb_calc": 5.12, "capex_dep": 2.12, "interest_debt": 19.9, "debt_ebitda": 1.6, "debt_ratio": 45.2, "debt_mv": 13.5, "payout": 30.0, "div_years": 3, "rev_cagr3": 12.2, "np_cagr3": 40.4, "rev_yoy": -2.0, "np_yoy": 84.4, "np_vol": 320.7, "loss_years": 1, "far_share": 89.0, "earn_yield": 2.1, "consensus_n": 11, "fwd_pe": 32.6, "fwd_pe2": 26.9, "fwd_g1": 43.0, "fwd_g2": 21.0, "peg": 1.55, "consensus_disp": null, "mainbz": [["碱性电池", 80.0], ["碳性电池", 8.0], ["其他电池", 5.0], ["其他收入", 4.0]], "ret_prev_year": 56.7, "ret_prev2_year": -13.2, "ret_ytd": 29.8, "ret_pivot": 169.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.2, "ret_60": -23.6, "ret_120": 5.2, "ret_250": 42.0, "mdd_250": -46.2, "vol_250": 66.7, "pos_52w": 62.3}, "S": {"duration": 69, "pricing": 62, "hard": 17, "bondness": 26}, "label": "轻资产现金牛", "tags": ["商誉占比高", "资本开支扩张期"], "text": {"像什么": ["固定资产占比 10%,毛利率近 5 年中位 47.4%,自由现金流/市值 6.3%:现金机器,久期短。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 10%,毛利率近 5 年中位 47.4%。", "加息期怎么走": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 6.3%(经营现金流/市值 7.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.4%,稳定度 78%,2020→2022 成本通胀期毛利率变化 26.2 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 10%,资本开支/折旧 2.12 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 46.7 倍 粗算,约 89%(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 42%,最大回撤 -46%,年化波动 67%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -1% / -24% / 5%。", "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%。", "安孚科技:PE 比行业中位高 10.9倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 29.6个百分点;固定资产占比 比行业中位低 17.4个百分点。"]}}