{"F": {"ts_code": "000862.SZ", "name": "银星能源", "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": "19980915", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.25, "pe_ttm": null, "pb": 1.0951, "dv_ttm": null, "total_mv": 481926.2175, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.1, 32.8, 30.4, 32.6, 33.5, 35.1], "rev_series": [12.0, 13.6, 11.6, 13.1, 12.7, 13.1], "np_series": [0.3, 0.9, 1.3, 1.6, 0.9, 0.4], "roe_series": [1.3, 3.5, 4.5, 4.6, 2.1, 1.0], "period": "20260630", "rev_ttm": 12.7, "np_ttm": -0.1, "ocf_ttm": 12.3, "fcf_ttm": 8.8, "fcf_yield": 18.3, "ocf_yield": 25.5, "gm_median": 32.8, "gm_std": 1.5, "gm_stab": 0.95, "gm_chg_2022": 1.3, "npm_median": 7.5, "roe_median": 3.5, "commodity": false, "hard_ratio": 63.9, "fix_assets": 55.3, "goodwill_ratio": 0.0, "pb_calc": 1.1, "capex_dep": 0.61, "interest_debt": 9.7, "debt_ebitda": 1.1, "debt_ratio": 48.1, "debt_mv": 20.1, "payout": null, "div_years": 0, "rev_cagr3": 4.0, "np_cagr3": -29.3, "rev_yoy": -5.4, "np_yoy": -34.0, "np_vol": 82.9, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 21.0, "fwd_pe2": 17.5, "fwd_g1": null, "fwd_g2": 20.0, "peg": 1.05, "consensus_disp": null, "mainbz": [["新能源发电", 93.0], ["其他业务", 4.0], ["设备制造及提供劳务", 3.0]], "ret_prev_year": 18.2, "ret_prev2_year": -18.9, "ret_ytd": -10.1, "ret_pivot": 21.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.2, "ret_60": -9.9, "ret_120": -30.6, "ret_250": -7.7, "mdd_250": -49.1, "vol_250": 47.2, "pos_52w": 58.3}, "S": {"duration": 100, "pricing": 58, "hard": 100, "bondness": 19}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 48%,有息负债 10 亿,经营现金流/市值 25.5%: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": "硬资产占比 64%、毛利率 32.8% 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": "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 18.3%(经营现金流/市值 25.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.8%,稳定度 95%,2020→2022 成本通胀期毛利率变化 1.3 个百分点。能。"], ["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 0.61 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 -8%,最大回撤 -49%,年化波动 47%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -5% / -10% / -31%。", "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%。", "银星能源:PE ;股息率 ;毛利率 比行业中位高 10.3个百分点;固定资产占比 比行业中位高 3.2个百分点。"]}}