{"F": {"ts_code": "920914.BJ", "name": "远航精密", "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": "20221111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.39, "pe_ttm": 32.2246, "pb": 1.7436, "dv_ttm": 0.8626, "total_mv": 173348.737, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.1, 19.1, 14.1, 10.4, 15.8, 13.6], "rev_series": [5.7, 9.0, 9.1, 8.1, 8.5, 10.4], "np_series": [0.6, 0.8, 0.5, 0.3, 0.7, 0.5], "roe_series": [17.1, 20.9, 8.1, 3.7, 7.6, 5.7], "period": "20260630", "rev_ttm": 11.5, "np_ttm": 0.5, "ocf_ttm": -0.6, "fcf_ttm": -1.9, "fcf_yield": -11.2, "ocf_yield": -3.3, "gm_median": 14.1, "gm_std": 2.8, "gm_stab": 0.8, "gm_chg_2022": -6.0, "npm_median": 5.9, "roe_median": 7.6, "commodity": false, "hard_ratio": 27.2, "fix_assets": 3.9, "goodwill_ratio": 0.0, "pb_calc": 1.74, "capex_dep": 5.75, "interest_debt": 2.6, "debt_ebitda": 2.8, "debt_ratio": 31.3, "debt_mv": 15.0, "payout": 27.8, "div_years": 4, "rev_cagr3": 4.8, "np_cagr3": 0.0, "rev_yoy": 22.5, "np_yoy": 1.0, "np_vol": 59.8, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.1, "consensus_n": 5, "fwd_pe": 24.3, "fwd_pe2": 16.7, "fwd_g1": 33.0, "fwd_g2": 45.0, "peg": 0.54, "consensus_disp": null, "mainbz": [["镍带、箔", 40.0], ["镍带", 40.0], ["精密结构件", 17.0], ["边角料", 1.0]], "ret_prev_year": 65.6, "ret_prev2_year": 24.4, "ret_ytd": -33.7, "ret_pivot": 126.2, "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": 55, "pricing": 39, "hard": 44, "bondness": 39}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 32.2 倍、股息率 0.9%、毛利率近 5 年中位 14.1%、固定资产占比 27%、有息负债/EBITDA 2.8 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 27%,毛利率近 5 年中位 14.1%。", "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 -11.2%(经营现金流/市值 -3.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.1%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -6.0 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 27%,资本开支/折旧 5.75 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.2 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%。", "远航精密:PE 比行业中位低 3.6倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位低 3.7个百分点;固定资产占比 比行业中位低 0.6个百分点。"]}}