{"F": {"ts_code": "920119.BJ", "name": "美德乐", "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": "20260130", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 55.37, "pe_ttm": 19.7537, "pb": 2.7673, "dv_ttm": 0.645, "total_mv": 559085.1367, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.8, 33.3, 33.6, 36.1], "rev_series": [10.3, 10.1, 11.4, 13.7], "np_series": [2.2, 2.1, 2.1, 2.7], "roe_series": [36.4, 29.1, 23.6, 23.9], "period": "20260630", "rev_ttm": 15.2, "np_ttm": 2.8, "ocf_ttm": 3.6, "fcf_ttm": 2.6, "fcf_yield": 4.6, "ocf_yield": 6.4, "gm_median": 34.8, "gm_std": 1.5, "gm_stab": 0.96, "gm_chg_2022": null, "npm_median": 20.3, "roe_median": 26.5, "commodity": false, "hard_ratio": 8.4, "fix_assets": 3.4, "goodwill_ratio": 0.0, "pb_calc": 2.77, "capex_dep": 5.0, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 49.5, "debt_mv": 0.2, "payout": 10.4, "div_years": 1, "rev_cagr3": 9.9, "np_cagr3": 6.8, "rev_yoy": 21.3, "np_yoy": 7.7, "np_vol": 15.4, "loss_years": 0, "far_share": 75.0, "earn_yield": 5.1, "consensus_n": 5, "fwd_pe": 16.0, "fwd_pe2": 12.7, "fwd_g1": 23.0, "fwd_g2": 26.0, "peg": 0.62, "consensus_disp": null, "mainbz": [["高精度输送系统", 40.0], ["模块化输送系统：高精度输送系统", 40.0], ["工业组件", 7.0], ["通用输送系统", 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": 39, "pricing": 58, "hard": 13, "bondness": 18}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 19.8 倍、股息率 0.6%、毛利率近 5 年中位 34.8%、固定资产占比 8%、有息负债/EBITDA 0.0 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 34.8%),硬资产占比 8%。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 4.6%(经营现金流/市值 6.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.8%,稳定度 96%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 8%,资本开支/折旧 5.00 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.8 倍 粗算,约 75%(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%。", "美德乐:PE 比行业中位低 16.0倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 17.0个百分点;固定资产占比 比行业中位低 19.4个百分点。"]}}