{"F": {"ts_code": "000595.SZ", "name": "新能股份", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "风力发电", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "19960419", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.6, "pe_ttm": null, "pb": 12.441, "dv_ttm": null, "total_mv": 637647.584, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-7.6, -8.1, 2.4, 0.1, 1.3, 26.2], "rev_series": [2.0, 1.7, 2.5, 3.0, 2.4, 6.7], "np_series": [0.1, -1.8, -0.9, -1.6, -1.7, 0.8], "roe_series": [1.4, -21.5, -12.9, -28.6, -41.7, 20.9], "period": "20260630", "rev_ttm": 9.6, "np_ttm": 0.5, "ocf_ttm": 9.8, "fcf_ttm": -39.0, "fcf_yield": -61.1, "ocf_yield": 15.3, "gm_median": 1.3, "gm_std": 11.5, "gm_stab": -7.88, "gm_chg_2022": 10.0, "npm_median": -53.8, "roe_median": -21.5, "commodity": false, "hard_ratio": 69.7, "fix_assets": 70.9, "goodwill_ratio": 0.0, "pb_calc": 12.44, "capex_dep": 10.05, "interest_debt": 69.6, "debt_ebitda": 8.6, "debt_ratio": 89.0, "debt_mv": 109.2, "payout": null, "div_years": 0, "rev_cagr3": 38.5, "np_cagr3": null, "rev_yoy": 20.7, "np_yoy": -74.4, "np_vol": 713.3, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["光伏发电业务", 50.0], ["风力发电业务", 19.0], ["风力发电", 19.0], ["储能业务", 7.0]], "ret_prev_year": -12.7, "ret_prev2_year": 23.6, "ret_ytd": 0.2, "ret_pivot": -16.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.5, "ret_60": -9.8, "ret_120": -14.0, "ret_250": 9.4, "mdd_250": -43.4, "vol_250": 49.2, "pos_52w": 69.5}, "S": {"duration": 100, "pricing": 12, "hard": 100, "bondness": 15}, "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 0.5 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 89%,有息负债 70 亿,经营现金流/市值 15.3%: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": "只占硬资产一条(占比 70%),没有定价权:毛利率近 5 年中位 1.3%,稳定度 -788%。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": "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 -61.1%(经营现金流/市值 15.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 1.3%,稳定度 -788%,2020→2022 成本通胀期毛利率变化 10.0 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 70%,资本开支/折旧 10.05 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 9%,最大回撤 -43%,年化波动 49%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -10% / -10% / -14%。", "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%。", "新能股份:PE ;股息率 ;毛利率 比行业中位低 21.2个百分点;固定资产占比 比行业中位高 9.0个百分点。"]}}