{"F": {"ts_code": "920779.BJ", "name": "武汉蓝电", "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": "20230601", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 24.7, "pe_ttm": 35.7402, "pb": 4.3189, "dv_ttm": 4.251, "total_mv": 197751.9544, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [65.6, 62.9, 63.8, 65.6, 59.7, 58.8], "rev_series": [0.9, 1.1, 1.7, 2.0, 1.8, 1.7], "np_series": [0.4, 0.5, 0.7, 1.0, 0.7, 0.6], "roe_series": [37.2, 29.3, 36.5, 27.5, 14.3, 12.5], "period": "20260630", "rev_ttm": 1.7, "np_ttm": 0.6, "ocf_ttm": 0.5, "fcf_ttm": 0.2, "fcf_yield": 0.8, "ocf_yield": 2.7, "gm_median": 62.9, "gm_std": 2.5, "gm_stab": 0.96, "gm_chg_2022": -1.7, "npm_median": 42.2, "roe_median": 27.5, "commodity": false, "hard_ratio": 12.1, "fix_assets": 0.7, "goodwill_ratio": 0.0, "pb_calc": 4.32, "capex_dep": 22.69, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 16.0, "debt_mv": null, "payout": 116.3, "div_years": 3, "rev_cagr3": 0.2, "np_cagr3": -3.8, "rev_yoy": 6.9, "np_yoy": -25.3, "np_vol": 30.5, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["小功率设备", 34.0], ["大功率设备", 23.0], ["大功率产品", 23.0], ["微小功率设备", 16.0]], "ret_prev_year": 46.4, "ret_prev2_year": -2.5, "ret_ytd": -25.6, "ret_pivot": 119.1, "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": 59, "pricing": 71, "hard": 19, "bondness": 83}, "label": "现金流红利", "tags": ["资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["分红率 116%、股息率 4.3%、营收 3 年复合 0.2%、资产负债率 16%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 62.9%),硬资产占比 12%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.8%(经营现金流/市值 2.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 62.9%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -1.7 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 12%,资本开支/折旧 22.69 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 35.7 倍 粗算,约 86%(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%。", "武汉蓝电:PE 比行业中位低 0.1倍;股息率 比行业中位高 3.6个百分点;毛利率 比行业中位高 45.1个百分点;固定资产占比 比行业中位低 15.7个百分点。"]}}