{"F": {"ts_code": "000543.SZ", "name": "皖能电力", "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": "19931220", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.4, "pe_ttm": 9.0833, "pb": 0.9352, "dv_ttm": 5.1216, "total_mv": 1677478.842, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [8.8, -4.6, 0.9, 6.9, 12.1, 16.3], "rev_series": [167.5, 210.3, 242.8, 278.7, 300.9, 273.1], "np_series": [10.1, -13.4, 4.3, 14.3, 20.6, 21.5], "roe_series": [7.2, -9.9, 3.4, 10.8, 13.9, 13.0], "period": "20260630", "rev_ttm": 260.5, "np_ttm": 18.9, "ocf_ttm": 55.6, "fcf_ttm": 19.0, "fcf_yield": 11.3, "ocf_yield": 33.2, "gm_median": 6.9, "gm_std": 7.5, "gm_stab": -0.09, "gm_chg_2022": -7.9, "npm_median": 6.3, "roe_median": 10.8, "commodity": false, "hard_ratio": 54.1, "fix_assets": 474.5, "goodwill_ratio": 0.7, "pb_calc": 0.94, "capex_dep": 1.46, "interest_debt": 453.1, "debt_ebitda": 7.5, "debt_ratio": 64.0, "debt_mv": 270.1, "payout": 35.1, "div_years": 4, "rev_cagr3": 4.0, "np_cagr3": 71.6, "rev_yoy": -12.9, "np_yoy": -26.8, "np_vol": 144.4, "loss_years": 1, "far_share": 45.0, "earn_yield": 11.0, "consensus_n": 8, "fwd_pe": 9.5, "fwd_pe2": 8.2, "fwd_g1": -4.0, "fwd_g2": 16.0, "peg": 0.59, "consensus_disp": null, "mainbz": [["产品", 35.0], ["电力及相关产品", 29.0], ["电力", 29.0], ["煤炭", 5.0]], "ret_prev_year": 5.0, "ret_prev2_year": 35.0, "ret_ytd": -2.3, "ret_pivot": 3.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.7, "ret_60": -10.3, "ret_120": -13.1, "ret_250": 7.2, "mdd_250": -23.9, "vol_250": 34.1, "pos_52w": 78.4}, "S": {"duration": 20, "pricing": 7, "hard": 87, "bondness": 73}, "label": "中性", "tags": ["股息率≥4%", "PEG<0.8"], "text": {"像什么": ["PE 9.1 倍、股息率 5.1%、毛利率近 5 年中位 6.9%、固定资产占比 54%、有息负债/EBITDA 7.5 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 54%),没有定价权:毛利率近 5 年中位 6.9%,稳定度 -9%。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 11.3%(经营现金流/市值 33.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 6.9%,稳定度 -9%,2020→2022 成本通胀期毛利率变化 -7.9 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 54%,资本开支/折旧 1.46 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 9.1 倍 粗算,约 45%(1 − 5/PE)。中等。"]], "价格行为": "近一年 7%,最大回撤 -24%,年化波动 34%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 -6% / -10% / -13%。", "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%。", "皖能电力:PE 比行业中位低 18.7倍;股息率 比行业中位高 3.3个百分点;毛利率 比行业中位低 15.6个百分点;固定资产占比 比行业中位低 6.6个百分点。"]}}