{"F": {"ts_code": "920237.BJ", "name": "力佳科技", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电池", "sw3": "锂电池", "ind": "电池", "fin_source": "tushare", "market": "北交所", "list_date": "20221125", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.06, "pe_ttm": 41.6889, "pb": 2.21, "dv_ttm": 0.7538, "total_mv": 114608.6885, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.1, 33.8, 27.5, 24.8, 32.9, 29.1], "rev_series": [2.3, 2.8, 3.3, 3.8, 3.8, 3.5], "np_series": [0.3, 0.4, 0.4, 0.4, 0.7, 0.4], "roe_series": [16.3, 20.7, 12.1, 10.4, 15.5, 8.2], "period": "20260630", "rev_ttm": 3.2, "np_ttm": 0.3, "ocf_ttm": 0.6, "fcf_ttm": 0.3, "fcf_yield": 2.9, "ocf_yield": 4.8, "gm_median": 29.1, "gm_std": 3.3, "gm_stab": 0.88, "gm_chg_2022": -8.5, "npm_median": 12.3, "roe_median": 12.1, "commodity": false, "hard_ratio": 32.7, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 2.21, "capex_dep": 0.91, "interest_debt": 0.0, "debt_ebitda": 0.1, "debt_ratio": 22.2, "debt_mv": 0.4, "payout": 27.3, "div_years": 4, "rev_cagr3": 1.4, "np_cagr3": 2.4, "rev_yoy": -18.8, "np_yoy": -71.3, "np_vol": 39.0, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "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], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 36.9, "ret_prev2_year": 71.3, "ret_ytd": -42.9, "ret_pivot": 66.8, "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": 65, "pricing": 49, "hard": 52, "bondness": 33}, "label": "中性", "tags": [], "text": {"像什么": ["PE 41.7 倍、股息率 0.8%、毛利率近 5 年中位 29.1%、固定资产占比 33%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 33%),没有定价权:毛利率近 5 年中位 29.1%,稳定度 88%。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 2.9%(经营现金流/市值 4.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.1%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -8.5 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 33%,资本开支/折旧 0.91 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.7 倍 粗算,约 88%(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%。", "力佳科技:PE 比行业中位高 5.9倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位高 11.3个百分点;固定资产占比 比行业中位高 4.9个百分点。"]}}