{"F": {"ts_code": "688155.SH", "name": "先惠技术", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电池", "sw3": "锂电专用设备", "ind": "电池", "fin_source": "tushare", "market": "科创板", "list_date": "20200811", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 50.71, "pe_ttm": 15.763, "pb": 2.6631, "dv_ttm": 1.9532, "total_mv": 645841.5458, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.9, 27.6, 17.1, 25.1, 25.3, 28.4], "rev_series": [5.0, 11.0, 18.1, 24.5, 24.6, 30.4], "np_series": [0.6, 0.7, -0.9, 0.4, 2.2, 3.5], "roe_series": [8.2, 6.2, -8.1, 3.5, 14.2, 16.4], "period": "20260630", "rev_ttm": 36.6, "np_ttm": 4.1, "ocf_ttm": 3.3, "fcf_ttm": 2.4, "fcf_yield": 3.7, "ocf_yield": 5.2, "gm_median": 25.3, "gm_std": 4.0, "gm_stab": 0.84, "gm_chg_2022": -14.8, "npm_median": 6.4, "roe_median": 6.2, "commodity": false, "hard_ratio": 14.1, "fix_assets": 9.2, "goodwill_ratio": 9.6, "pb_calc": 2.66, "capex_dep": 2.14, "interest_debt": 7.5, "debt_ebitda": 1.0, "debt_ratio": 57.6, "debt_mv": 11.6, "payout": 35.7, "div_years": 3, "rev_cagr3": 19.0, "np_cagr3": null, "rev_yoy": 48.5, "np_yoy": 38.8, "np_vol": 223.8, "loss_years": 1, "far_share": 68.0, "earn_yield": 6.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["新能源动力电池精密结构件", 30.0], ["新能源汽车智能自动化装备", 19.0], ["其他业务", 1.0]], "ret_prev_year": 63.1, "ret_prev2_year": -3.4, "ret_ytd": -15.1, "ret_pivot": 50.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -17.5, "ret_60": -32.4, "ret_120": -37.2, "ret_250": -10.0, "mdd_250": -51.2, "vol_250": 60.2, "pos_52w": 48.8}, "S": {"duration": 33, "pricing": 46, "hard": 23, "bondness": 28}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 15.8 倍、股息率 2.0%、毛利率近 5 年中位 25.3%、固定资产占比 14%、有息负债/EBITDA 1.0 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 14%,毛利率近 5 年中位 25.3%。", "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 3.7%(经营现金流/市值 5.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.3%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -14.8 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 14%,资本开支/折旧 2.14 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.8 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -10%,最大回撤 -51%,年化波动 60%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -18% / -32% / -37%。", "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%。", "先惠技术:PE 比行业中位低 20.0倍;股息率 比行业中位高 1.3个百分点;毛利率 比行业中位高 7.5个百分点;固定资产占比 比行业中位低 13.7个百分点。"]}}