{"F": {"ts_code": "920523.BJ", "name": "德瑞锂电", "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": "20210603", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.52, "pe_ttm": 13.1346, "pb": 2.1605, "dv_ttm": 1.933, "total_mv": 157219.7247, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.7, 35.6, 27.3, 30.2, 42.8, 43.0], "rev_series": [1.7, 2.2, 2.8, 3.5, 5.2, 5.2], "np_series": [0.3, 0.5, 0.4, 0.5, 1.5, 1.5], "roe_series": [19.4, 15.4, 10.9, 12.3, 28.6, 22.3], "period": "20260630", "rev_ttm": 5.2, "np_ttm": 1.2, "ocf_ttm": 1.4, "fcf_ttm": 0.7, "fcf_yield": 4.3, "ocf_yield": 9.0, "gm_median": 35.6, "gm_std": 6.4, "gm_stab": 0.82, "gm_chg_2022": -14.4, "npm_median": 20.8, "roe_median": 15.4, "commodity": false, "hard_ratio": 35.2, "fix_assets": 3.7, "goodwill_ratio": 0.0, "pb_calc": 2.16, "capex_dep": 3.45, "interest_debt": 1.6, "debt_ebitda": 0.9, "debt_ratio": 30.6, "debt_mv": 10.0, "payout": 20.9, "div_years": 5, "rev_cagr3": 23.1, "np_cagr3": 48.7, "rev_yoy": 1.0, "np_yoy": -34.5, "np_vol": 69.9, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["锂一次电池", 33.0], ["一次电池 ", 33.0], ["其他业务", 0.0]], "ret_prev_year": 31.6, "ret_prev2_year": 66.1, "ret_ytd": -39.4, "ret_pivot": 40.6, "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": 28, "pricing": 50, "hard": 56, "bondness": 22}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 13.1 倍、股息率 1.9%、毛利率近 5 年中位 35.6%、固定资产占比 35%、有息负债/EBITDA 0.9 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 35%),没有定价权:毛利率近 5 年中位 35.6%,稳定度 82%。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 4.3%(经营现金流/市值 9.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.6%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -14.4 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 35%,资本开支/折旧 3.45 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.1 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "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%。", "德瑞锂电:PE 比行业中位低 22.7倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位高 17.8个百分点;固定资产占比 比行业中位高 7.4个百分点。"]}}