{"F": {"ts_code": "000600.SZ", "name": "建投能源", "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": "19960606", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.46, "pe_ttm": 7.6508, "pb": 1.0951, "dv_ttm": 3.8022, "total_mv": 1345212.8624, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.8, -4.8, 10.4, 11.8, 15.4, 26.6], "rev_series": [142.2, 150.4, 183.1, 189.5, 235.2, 227.9], "np_series": [9.2, -22.1, 1.0, 1.7, 5.3, 18.8], "roe_series": [7.8, -20.3, 1.1, 1.7, 5.2, 16.1], "period": "20260630", "rev_ttm": 219.0, "np_ttm": 17.6, "ocf_ttm": 48.0, "fcf_ttm": -1.3, "fcf_yield": -1.0, "ocf_yield": 35.7, "gm_median": 11.8, "gm_std": 10.1, "gm_stab": 0.14, "gm_chg_2022": -10.3, "npm_median": 0.9, "roe_median": 1.7, "commodity": false, "hard_ratio": 60.7, "fix_assets": 309.8, "goodwill_ratio": 0.0, "pb_calc": 1.01, "capex_dep": 2.78, "interest_debt": 248.7, "debt_ebitda": 4.9, "debt_ratio": 58.9, "debt_mv": 184.8, "payout": 43.9, "div_years": 4, "rev_cagr3": 7.6, "np_cagr3": 163.2, "rev_yoy": -7.9, "np_yoy": -13.4, "np_vol": 203.3, "loss_years": 1, "far_share": 35.0, "earn_yield": 13.1, "consensus_n": 6, "fwd_pe": 7.8, "fwd_pe2": 7.1, "fwd_g1": -1.0, "fwd_g2": 10.0, "peg": 0.78, "consensus_disp": null, "mainbz": [["产品", 49.0], ["火力发电电量", 38.0], ["火力发电热量", 7.0], ["热力供应", 3.0]], "ret_prev_year": 57.6, "ret_prev2_year": 16.3, "ret_ytd": -9.1, "ret_pivot": 88.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -14.6, "ret_60": -25.9, "ret_120": -25.2, "ret_250": 3.6, "mdd_250": -41.2, "vol_250": 45.9, "pos_52w": 59.3}, "S": {"duration": 17, "pricing": 15, "hard": 97, "bondness": 65}, "label": "现金流红利", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["分红率 44%、股息率 3.8%、营收 3 年复合 7.6%、有息负债/EBITDA 4.9 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 61%),没有定价权:毛利率近 5 年中位 11.8%,稳定度 14%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -1.0%(经营现金流/市值 35.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.8%,稳定度 14%,2020→2022 成本通胀期毛利率变化 -10.3 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 61%,资本开支/折旧 2.78 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.7 倍 粗算,约 35%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 4%,最大回撤 -41%,年化波动 46%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -15% / -26% / -25%。", "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%。", "建投能源:PE 比行业中位低 20.1倍;股息率 比行业中位高 2.0个百分点;毛利率 比行业中位低 10.7个百分点;固定资产占比 与行业中位持平。"]}}