{"F": {"ts_code": "002534.SZ", "name": "西子洁能", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "其他电源设备Ⅱ", "sw3": "火电设备", "ind": "其他电源设备Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20110110", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.3, "pe_ttm": 57.1433, "pb": 2.4894, "dv_ttm": 0.6135, "total_mv": 1362574.376, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.3, 21.3, 15.5, 16.5, 18.5, 19.0], "rev_series": [53.6, 65.8, 73.4, 80.8, 64.4, 62.4], "np_series": [5.2, 4.2, 2.0, 0.5, 4.4, 4.4], "roe_series": [15.5, 12.0, 5.6, 1.4, 10.8, 8.9], "period": "20260630", "rev_ttm": 59.2, "np_ttm": 2.4, "ocf_ttm": 4.6, "fcf_ttm": 3.5, "fcf_yield": 2.6, "ocf_yield": 3.4, "gm_median": 18.5, "gm_std": 2.0, "gm_stab": 0.89, "gm_chg_2022": -7.8, "npm_median": 7.2, "roe_median": 8.9, "commodity": false, "hard_ratio": 12.9, "fix_assets": 18.6, "goodwill_ratio": 0.4, "pb_calc": 2.49, "capex_dep": 0.94, "interest_debt": 5.3, "debt_ebitda": 1.0, "debt_ratio": 58.6, "debt_mv": 3.9, "payout": 33.3, "div_years": 5, "rev_cagr3": -5.3, "np_cagr3": 28.9, "rev_yoy": -11.4, "np_yoy": -134.1, "np_vol": 297.8, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.7, "consensus_n": 7, "fwd_pe": 29.2, "fwd_pe2": 22.5, "fwd_g1": 96.0, "fwd_g2": 30.0, "peg": 0.97, "consensus_disp": null, "mainbz": [["产品", 50.0], ["解决方案", 19.0], ["余热锅炉", 16.0], ["清洁环保能源装备", 7.0]], "ret_prev_year": 54.2, "ret_prev2_year": -10.6, "ret_ytd": -2.2, "ret_pivot": 85.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.2, "ret_60": -15.3, "ret_120": -13.3, "ret_250": 6.2, "mdd_250": -43.7, "vol_250": 58.1, "pos_52w": 74.2}, "S": {"duration": 76, "pricing": 44, "hard": 21, "bondness": 38}, "label": "中性", "tags": [], "text": {"像什么": ["PE 57.1 倍、股息率 0.6%、毛利率近 5 年中位 18.5%、固定资产占比 13%、有息负债/EBITDA 1.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 13%,毛利率近 5 年中位 18.5%。", "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 2.6%(经营现金流/市值 3.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.5%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -7.8 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 13%,资本开支/折旧 0.94 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 57.1 倍 粗算,约 91%(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 6%,最大回撤 -44%,年化波动 58%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 1% / -15% / -13%。", "行业对照": ["同申万二级「其他电源设备Ⅱ」33 家中位:PE 69.0 / 股息率 0.6% / 毛利率 25.3% / 固定资产占比 16% / 分红率 34%。", "西子洁能:PE 比行业中位低 11.9倍;股息率 与行业中位持平;毛利率 比行业中位低 6.8个百分点;固定资产占比 比行业中位低 3.2个百分点。"]}}