{"F": {"ts_code": "920289.BJ", "name": "N华汇", "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": "20260904", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 37.5, "pe_ttm": 31.7072, "pb": 9.3083, "dv_ttm": null, "total_mv": 255000.3, "trade_date": "20260904", "years": ["20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.8, 33.9, 32.7, 31.7, 27.9], "rev_series": [0.3, 1.9, 3.0, 4.3, 6.2], "np_series": [0.0, 0.3, 0.5, 0.6, 0.8], "roe_series": [9.6, 82.3, 53.5, 40.3, 34.8], "period": "20260630", "rev_ttm": 6.2, "np_ttm": 0.9, "ocf_ttm": 0.9, "fcf_ttm": 0.0, "fcf_yield": 0.1, "ocf_yield": 3.5, "gm_median": 32.7, "gm_std": 3.9, "gm_stab": 0.88, "gm_chg_2022": null, "npm_median": 13.9, "roe_median": 40.3, "commodity": false, "hard_ratio": 14.0, "fix_assets": 1.4, "goodwill_ratio": 0.0, "pb_calc": 7.64, "capex_dep": 37.82, "interest_debt": 2.6, "debt_ebitda": 2.4, "debt_ratio": 66.2, "debt_mv": 10.2, "payout": null, "div_years": 0, "rev_cagr3": 47.8, "np_cagr3": 44.7, "rev_yoy": 1.7, "np_yoy": 13.2, "np_vol": 827.5, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["研磨系统", 66.0], ["砂磨机单机设备", 18.0], ["其他业务", 7.0], ["其他设备", 4.0]], "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": 55, "pricing": 55, "hard": 22, "bondness": 7}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 31.7 倍、股息率 —、毛利率近 5 年中位 32.7%、固定资产占比 14%、有息负债/EBITDA 2.4 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 32.7%),硬资产占比 14%。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 0.1%(经营现金流/市值 3.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.7%,稳定度 88%。能。"], ["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 37.82 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.7 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%。", "N华汇:PE 比行业中位低 4.1倍;股息率 ;毛利率 比行业中位高 14.9个百分点;固定资产占比 比行业中位低 13.8个百分点。"]}}