{"F": {"ts_code": "920185.BJ", "name": "贝特瑞", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电池", "sw3": "电池化学品", "ind": "电池", "fin_source": "tushare", "market": "北交所", "list_date": "20200727", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.33, "pe_ttm": 31.1647, "pb": 1.905, "dv_ttm": 1.395, "total_mv": 2427760.1189, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.5, 25.0, 15.8, 17.7, 23.0, 20.7], "rev_series": [44.5, 104.9, 256.8, 251.2, 142.4, 169.8], "np_series": [4.9, 14.4, 23.1, 16.5, 9.3, 8.8], "roe_series": [9.6, 20.8, 26.3, 15.4, 7.8, 7.1], "period": "20260630", "rev_ttm": 193.7, "np_ttm": 7.8, "ocf_ttm": 4.5, "fcf_ttm": -19.2, "fcf_yield": -7.9, "ocf_yield": 1.9, "gm_median": 20.7, "gm_std": 3.4, "gm_stab": 0.84, "gm_chg_2022": -12.7, "npm_median": 7.3, "roe_median": 15.4, "commodity": false, "hard_ratio": 41.3, "fix_assets": 164.0, "goodwill_ratio": 0.0, "pb_calc": 1.91, "capex_dep": 1.89, "interest_debt": 128.9, "debt_ebitda": 4.0, "debt_ratio": 60.8, "debt_mv": 53.1, "payout": 38.5, "div_years": 5, "rev_cagr3": -12.9, "np_cagr3": -27.6, "rev_yoy": 30.4, "np_yoy": -20.1, "np_vol": 86.0, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "consensus_n": 8, "fwd_pe": 21.2, "fwd_pe2": 14.6, "fwd_g1": 47.0, "fwd_g2": 45.0, "peg": 0.47, "consensus_disp": null, "mainbz": [["产品", 50.0], ["负极材料", 37.0], ["正极材料", 12.0], ["其他品种", 1.0]], "ret_prev_year": 68.0, "ret_prev2_year": -12.6, "ret_ytd": -33.4, "ret_pivot": 58.2, "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": 54, "pricing": 44, "hard": 66, "bondness": 54}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 31.2 倍、股息率 1.4%、毛利率近 5 年中位 20.7%、固定资产占比 41%、有息负债/EBITDA 4.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 41%),没有定价权:毛利率近 5 年中位 20.7%,稳定度 84%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -7.9%(经营现金流/市值 1.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.7%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -12.7 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 41%,资本开支/折旧 1.89 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.2 倍 粗算,约 84%(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%。", "贝特瑞:PE 比行业中位低 4.6倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 2.9个百分点;固定资产占比 比行业中位高 13.5个百分点。"]}}