{"F": {"ts_code": "000690.SZ", "name": "宝新能源", "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": "19970128", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.95, "pe_ttm": 9.8031, "pb": 0.8293, "dv_ttm": 5.0505, "total_mv": 1077064.461, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.0, 16.3, 5.4, 13.6, 14.9, 18.6], "rev_series": [71.6, 94.1, 94.2, 102.7, 79.0, 86.3], "np_series": [18.2, 8.2, 1.8, 8.9, 7.1, 10.2], "roe_series": [17.8, 7.5, 1.6, 7.6, 5.8, 8.2], "period": "20260630", "rev_ttm": 84.5, "np_ttm": 11.0, "ocf_ttm": 20.3, "fcf_ttm": 16.3, "fcf_yield": 15.1, "ocf_yield": 18.8, "gm_median": 14.9, "gm_std": 4.5, "gm_stab": 0.7, "gm_chg_2022": -36.6, "npm_median": 8.8, "roe_median": 7.5, "commodity": false, "hard_ratio": 46.8, "fix_assets": 104.8, "goodwill_ratio": 0.0, "pb_calc": 0.83, "capex_dep": 0.69, "interest_debt": 72.5, "debt_ebitda": 3.7, "debt_ratio": 42.0, "debt_mv": 67.3, "payout": 53.2, "div_years": 5, "rev_cagr3": -2.8, "np_cagr3": 77.5, "rev_yoy": -4.2, "np_yoy": 13.3, "np_vol": 170.0, "loss_years": 0, "far_share": 49.0, "earn_yield": 10.2, "consensus_n": 2, "fwd_pe": 9.8, "fwd_pe2": 9.8, "fwd_g1": 0.0, "fwd_g2": 0.0, "peg": null, "consensus_disp": null, "mainbz": [["电力", 100.0], ["其他主营业务", 0.0], ["其他", 0.0], ["发电副产品", 0.0]], "ret_prev_year": -2.2, "ret_prev2_year": 9.4, "ret_ytd": 24.1, "ret_pivot": 39.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.1, "ret_60": -3.5, "ret_120": 4.4, "ret_250": 8.1, "mdd_250": -27.8, "vol_250": 36.3, "pos_52w": 80.0}, "S": {"duration": 22, "pricing": 36, "hard": 75, "bondness": 80}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 53%、股息率 5.1%、营收 3 年复合 -2.8%、有息负债/EBITDA 3.7 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 47%),没有定价权:毛利率近 5 年中位 14.9%,稳定度 70%。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 15.1%(经营现金流/市值 18.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.9%,稳定度 70%,2020→2022 成本通胀期毛利率变化 -36.6 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 47%,资本开支/折旧 0.69 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 9.8 倍 粗算,约 49%(1 − 5/PE)。中等。"]], "价格行为": "近一年 8%,最大回撤 -28%,年化波动 36%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 3% / -4% / 4%。", "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%。", "宝新能源:PE 比行业中位低 18.0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 7.6个百分点;固定资产占比 比行业中位低 13.9个百分点。"]}}