{"F": {"ts_code": "000883.SZ", "name": "湖北能源", "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": "19980519", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.51, "pe_ttm": 15.5913, "pb": 0.8577, "dv_ttm": 3.3259, "total_mv": 3192803.8076, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.5, 16.6, 13.8, 20.1, 25.0, 22.0], "rev_series": [170.2, 226.2, 205.8, 186.7, 200.3, 174.7], "np_series": [24.6, 23.4, 11.6, 17.5, 18.1, 19.1], "roe_series": [8.8, 7.9, 3.8, 5.6, 5.5, 5.4], "period": "20260630", "rev_ttm": 176.7, "np_ttm": 20.5, "ocf_ttm": 73.8, "fcf_ttm": 11.3, "fcf_yield": 3.5, "ocf_yield": 23.1, "gm_median": 20.1, "gm_std": 3.9, "gm_stab": 0.8, "gm_chg_2022": -13.7, "npm_median": 10.6, "roe_median": 5.5, "commodity": false, "hard_ratio": 77.1, "fix_assets": 764.2, "goodwill_ratio": 0.7, "pb_calc": 0.86, "capex_dep": 1.68, "interest_debt": 451.4, "debt_ebitda": 6.1, "debt_ratio": 55.1, "debt_mv": 141.4, "payout": 34.6, "div_years": 4, "rev_cagr3": -5.3, "np_cagr3": 18.0, "rev_yoy": 2.4, "np_yoy": 14.5, "np_vol": 32.1, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.4, "consensus_n": 2, "fwd_pe": 17.3, "fwd_pe2": 16.7, "fwd_g1": -10.0, "fwd_g2": 4.0, "peg": 4.33, "consensus_disp": null, "mainbz": [["产品", 33.0], ["电力业务", 31.0], ["电力", 31.0], ["天然气业务", 1.0]], "ret_prev_year": -7.2, "ret_prev2_year": 21.6, "ret_ytd": 2.7, "ret_pivot": 4.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.4, "ret_60": -6.0, "ret_120": -7.0, "ret_250": 0.2, "mdd_250": -20.9, "vol_250": 23.8, "pos_52w": 85.6}, "S": {"duration": 32, "pricing": 42, "hard": 100, "bondness": 67}, "label": "中性", "tags": [], "text": {"像什么": ["PE 15.6 倍、股息率 3.3%、毛利率近 5 年中位 20.1%、固定资产占比 77%、有息负债/EBITDA 6.1 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 77%),没有定价权:毛利率近 5 年中位 20.1%,稳定度 80%。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 3.5%(经营现金流/市值 23.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.1%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -13.7 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 77%,资本开支/折旧 1.68 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.6 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 0%,最大回撤 -21%,年化波动 24%,现价在 52 周高点的 86%;近 20 / 60 / 120 日 -2% / -6% / -7%。", "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%。", "湖北能源:PE 比行业中位低 12.2倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位低 2.4个百分点;固定资产占比 比行业中位高 16.4个百分点。"]}}