{"F": {"ts_code": "000591.SZ", "name": "太阳能", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "光伏发电", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "19960208", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.24, "pe_ttm": 25.9975, "pb": 0.6832, "dv_ttm": 1.7995, "total_mv": 1655657.6296, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.4, 41.7, 32.8, 34.4, 45.9, 46.6], "rev_series": [53.1, 70.2, 92.4, 95.4, 60.4, 49.6], "np_series": [10.3, 11.8, 13.9, 15.8, 12.3, 8.2], "roe_series": [7.5, 8.2, 7.6, 7.1, 5.3, 3.5], "period": "20260630", "rev_ttm": 46.4, "np_ttm": 6.4, "ocf_ttm": 47.8, "fcf_ttm": 20.7, "fcf_yield": 12.5, "ocf_yield": 28.9, "gm_median": 41.7, "gm_std": 5.7, "gm_stab": 0.86, "gm_chg_2022": -15.6, "npm_median": 16.6, "roe_median": 7.1, "commodity": false, "hard_ratio": 63.7, "fix_assets": 350.5, "goodwill_ratio": 0.0, "pb_calc": 0.68, "capex_dep": 1.61, "interest_debt": 261.3, "debt_ebitda": 7.6, "debt_ratio": 55.8, "debt_mv": 157.8, "payout": 36.1, "div_years": 4, "rev_cagr3": -18.7, "np_cagr3": -16.0, "rev_yoy": -11.9, "np_yoy": -27.5, "np_vol": 21.2, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["太阳能电力销售", 43.0], ["太阳能组件", 4.0], ["太阳能产品销售", 4.0]], "ret_prev_year": -4.5, "ret_prev2_year": -12.9, "ret_ytd": -2.8, "ret_pivot": 8.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.7, "ret_60": -15.0, "ret_120": -32.1, "ret_250": -7.1, "mdd_250": -37.8, "vol_250": 38.4, "pos_52w": 63.7}, "S": {"duration": 48, "pricing": 55, "hard": 100, "bondness": 58}, "label": "中性", "tags": [], "text": {"像什么": ["PE 26.0 倍、股息率 1.8%、毛利率近 5 年中位 41.7%、固定资产占比 64%、有息负债/EBITDA 7.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 64%、毛利率 41.7% 看起来两条都占,但价格受管制(电力:电价/通行费/港口费由主管部门或市场化机制定),高毛利来自成本结构不是提价能力。通胀来了它不能提价,利润跟不上通胀,所以不算。", "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 12.5%(经营现金流/市值 28.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 41.7%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -15.6 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 64%,资本开支/折旧 1.61 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.0 倍 粗算,约 81%(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 -7%,最大回撤 -38%,年化波动 38%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -5% / -15% / -32%。", "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%。", "太阳能:PE 比行业中位低 1.8倍;股息率 与行业中位持平;毛利率 比行业中位高 19.2个百分点;固定资产占比 比行业中位高 3.0个百分点。"]}}