{"F": {"ts_code": "920117.BJ", "name": "龙鑫智能", "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": "北交所", "list_date": "20260716", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.87, "pe_ttm": 21.1178, "pb": 3.3788, "dv_ttm": null, "total_mv": 250384.1134, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.5, 41.4, 34.3, 35.7], "rev_series": [3.4, 5.8, 6.0, 6.3], "np_series": [0.9, 1.4, 1.2, 1.2], "roe_series": [62.7, 51.0, 24.8, 19.4], "period": "20260630", "rev_ttm": 6.7, "np_ttm": 1.2, "ocf_ttm": 1.5, "fcf_ttm": 1.0, "fcf_yield": 4.1, "ocf_yield": 6.1, "gm_median": 37.1, "gm_std": 2.7, "gm_stab": 0.93, "gm_chg_2022": null, "npm_median": 22.2, "roe_median": 37.9, "commodity": false, "hard_ratio": 2.4, "fix_assets": 0.4, "goodwill_ratio": 1.0, "pb_calc": 3.38, "capex_dep": 3.84, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 56.3, "debt_mv": 0.4, "payout": null, "div_years": 0, "rev_cagr3": 23.6, "np_cagr3": 10.7, "rev_yoy": 10.4, "np_yoy": 0.6, "np_vol": 34.7, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.7, "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], ["干燥设备", 24.0], ["物料自动化生产线", 14.0], ["研磨设备", 7.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 41, "pricing": 59, "hard": 4, "bondness": 0}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 21.1 倍、股息率 —、毛利率近 5 年中位 37.1%、固定资产占比 2%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 37.1%),硬资产占比 2%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 4.1%(经营现金流/市值 6.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.1%,稳定度 93%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 2%,资本开支/折旧 3.84 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.1 倍 粗算,约 76%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "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%。", "龙鑫智能:PE 比行业中位低 14.7倍;股息率 ;毛利率 比行业中位高 19.3个百分点;固定资产占比 比行业中位低 25.4个百分点。"]}}