{"F": {"ts_code": "000875.SZ", "name": "电投绿能", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "电能综合服务", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "20020926", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.86, "pe_ttm": 90.9724, "pb": 0.9981, "dv_ttm": 1.1728, "total_mv": 1762853.5602, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.8, 21.3, 23.9, 25.8, 26.9, 23.7], "rev_series": [100.6, 131.8, 149.5, 144.4, 137.4, 131.1], "np_series": [4.8, 4.5, 6.7, 9.1, 11.0, 5.1], "roe_series": [6.3, 4.9, 6.2, 7.9, 7.7, 3.0], "period": "20260630", "rev_ttm": 129.6, "np_ttm": 1.9, "ocf_ttm": 72.8, "fcf_ttm": 28.9, "fcf_yield": 16.4, "ocf_yield": 41.3, "gm_median": 23.9, "gm_std": 1.9, "gm_stab": 0.92, "gm_chg_2022": 1.2, "npm_median": 8.6, "roe_median": 6.2, "commodity": false, "hard_ratio": 71.5, "fix_assets": 638.7, "goodwill_ratio": 0.0, "pb_calc": 1.0, "capex_dep": 1.07, "interest_debt": 508.2, "debt_ebitda": 7.6, "debt_ratio": 69.2, "debt_mv": 288.3, "payout": 35.0, "div_years": 3, "rev_cagr3": -4.3, "np_cagr3": -8.5, "rev_yoy": -2.4, "np_yoy": -44.3, "np_vol": 33.1, "loss_years": 0, "far_share": 95.0, "earn_yield": 1.1, "consensus_n": 4, "fwd_pe": 33.5, "fwd_pe2": 30.4, "fwd_g1": 171.0, "fwd_g2": 10.0, "peg": 3.35, "consensus_disp": null, "mainbz": [["产品", 50.0], ["煤电产品", 17.0], ["光伏产品", 13.0], ["风电产品", 12.0]], "ret_prev_year": 8.4, "ret_prev2_year": 23.2, "ret_ytd": -13.6, "ret_pivot": 8.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.2, "ret_60": -17.8, "ret_120": -39.2, "ret_250": -7.1, "mdd_250": -40.6, "vol_250": 40.0, "pos_52w": 60.6}, "S": {"duration": 90, "pricing": 53, "hard": 100, "bondness": 54}, "label": "中性", "tags": [], "text": {"像什么": ["PE 91.0 倍、股息率 1.2%、毛利率近 5 年中位 23.9%、固定资产占比 72%、有息负债/EBITDA 7.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 72%),没有定价权:毛利率近 5 年中位 23.9%,稳定度 92%。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": "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 16.4%(经营现金流/市值 41.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.9%,稳定度 92%,2020→2022 成本通胀期毛利率变化 1.2 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 72%,资本开支/折旧 1.07 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 91.0 倍 粗算,约 95%(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 -41%,年化波动 40%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -6% / -18% / -39%。", "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%。", "电投绿能:PE 比行业中位高 63.2倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位高 1.4个百分点;固定资产占比 比行业中位高 10.8个百分点。"]}}