{"F": {"ts_code": "001376.SZ", "name": "百通能源", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "热力服务", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "20231103", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.57, "pe_ttm": 28.8796, "pb": 4.2474, "dv_ttm": 0.8153, "total_mv": 565310.2, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.3, 20.5, 20.8, 26.1, 31.6, 33.4], "rev_series": [null, null, 10.8, 10.8, 11.3, 10.7], "np_series": [null, null, 1.1, 1.3, 1.9, 2.0], "roe_series": [15.1, 11.6, 16.3, 15.2, 18.3, 17.2], "period": "20260630", "rev_ttm": 11.3, "np_ttm": 2.0, "ocf_ttm": 2.6, "fcf_ttm": 1.1, "fcf_yield": 2.0, "ocf_yield": 4.5, "gm_median": 26.1, "gm_std": 5.3, "gm_stab": 0.8, "gm_chg_2022": -12.5, "npm_median": 12.1, "roe_median": 16.3, "commodity": false, "hard_ratio": 53.2, "fix_assets": 9.7, "goodwill_ratio": 0.0, "pb_calc": 4.25, "capex_dep": 1.47, "interest_debt": 3.2, "debt_ebitda": 0.9, "debt_ratio": 27.1, "debt_mv": 5.7, "payout": 36.6, "div_years": 3, "rev_cagr3": -0.4, "np_cagr3": 22.1, "rev_yoy": 11.2, "np_yoy": -4.5, "np_vol": 27.6, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["蒸汽", 46.0], ["电力", 4.0], ["其他业务", 0.0]], "ret_prev_year": 16.5, "ret_prev2_year": -34.3, "ret_ytd": -30.9, "ret_pivot": -19.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.9, "ret_60": 0.2, "ret_120": -46.6, "ret_250": -5.0, "mdd_250": -60.9, "vol_250": 58.5, "pos_52w": 47.4}, "S": {"duration": 51, "pricing": 45, "hard": 85, "bondness": 40}, "label": "中性", "tags": [], "text": {"像什么": ["PE 28.9 倍、股息率 0.8%、毛利率近 5 年中位 26.1%、固定资产占比 53%、有息负债/EBITDA 0.9 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 53%),没有定价权:毛利率近 5 年中位 26.1%,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 2.0%(经营现金流/市值 4.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.1%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -12.5 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 53%,资本开支/折旧 1.47 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.9 倍 粗算,约 83%(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 -5%,最大回撤 -61%,年化波动 58%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 5% / 0% / -47%。", "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%。", "百通能源:PE 比行业中位高 1.1倍;股息率 比行业中位低 1.0个百分点;毛利率 比行业中位高 3.6个百分点;固定资产占比 比行业中位低 7.5个百分点。"]}}