{"F": {"ts_code": "000037.SZ", "name": "深南电A", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "火力发电", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "19940701", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.33, "pe_ttm": 27.7565, "pb": 3.351, "dv_ttm": 0.343, "total_mv": 562377.5058, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.4, -12.3, -15.9, 1.4, 6.2, 21.5], "rev_series": [9.9, 7.6, 6.9, 5.9, 4.4, 4.0], "np_series": [0.6, -4.4, -1.6, 0.0, 0.2, 1.6], "roe_series": [3.2, -23.9, -10.4, 0.3, 1.5, 10.2], "period": "20260630", "rev_ttm": 4.4, "np_ttm": 2.0, "ocf_ttm": -0.7, "fcf_ttm": -1.5, "fcf_yield": -2.7, "ocf_yield": -1.2, "gm_median": 1.4, "gm_std": 13.5, "gm_stab": -8.62, "gm_chg_2022": -35.3, "npm_median": -0.3, "roe_median": 0.3, "commodity": false, "hard_ratio": 23.2, "fix_assets": 5.3, "goodwill_ratio": 0.0, "pb_calc": 3.35, "capex_dep": 2.58, "interest_debt": 3.8, "debt_ebitda": 6.6, "debt_ratio": 22.3, "debt_mv": 6.8, "payout": 12.0, "div_years": 1, "rev_cagr3": -16.7, "np_cagr3": null, "rev_yoy": 21.3, "np_yoy": 191.2, "np_vol": 485.7, "loss_years": 2, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 38.0], ["电力生产销售", 26.0], ["售电收入", 26.0], ["综合能源服务", 13.0]], "ret_prev_year": 4.0, "ret_prev2_year": -3.2, "ret_ytd": 13.1, "ret_pivot": 30.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.8, "ret_60": -18.9, "ret_120": -5.4, "ret_250": 0.2, "mdd_250": -38.3, "vol_250": 52.3, "pos_52w": 71.8}, "S": {"duration": 50, "pricing": 4, "hard": 37, "bondness": 41}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 2.0 亿,近 5 年亏损 2 年;PE 28 倍(盈利极薄),估值指标失真。", "资产负债率 22%,有息负债 4 亿,经营现金流/市值 -1.2%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 23%,毛利率近 5 年中位 1.4%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -2.7%(经营现金流/市值 -1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 1.4%,稳定度 -862%,2020→2022 成本通胀期毛利率变化 -35.3 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 23%,资本开支/折旧 2.58 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 27.8 倍 粗算,约 82%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 0%,最大回撤 -38%,年化波动 52%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 -7% / -19% / -5%。", "行业对照": ["同申万二级「电力」109 家中位:PE 27.8 / 股息率 1.8% / 毛利率 22.5% / 固定资产占比 61% / 分红率 42%。", "深南电A:PE 与行业中位持平;股息率 比行业中位低 1.5个百分点;毛利率 比行业中位低 21.1个百分点;固定资产占比 比行业中位低 37.5个百分点。"]}}