{"F": {"ts_code": "002700.SZ", "name": "万憬能源", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "燃气Ⅱ", "sw3": "燃气Ⅲ", "ind": "燃气Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20120921", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.59, "pe_ttm": 34.7932, "pb": 1.9183, "dv_ttm": 0.3794, "total_mv": 272580.9838, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.3, 30.2, 23.9, 26.7, 23.5, 20.9], "rev_series": [4.2, 5.9, 5.8, 6.7, 7.0, 6.9], "np_series": [-2.0, -1.9, 0.8, 1.0, 0.9, 0.8], "roe_series": [-20.9, -25.5, 11.7, 13.3, 8.8, 6.0], "period": "20260630", "rev_ttm": 6.7, "np_ttm": 0.8, "ocf_ttm": 1.0, "fcf_ttm": 0.7, "fcf_yield": 2.5, "ocf_yield": 3.7, "gm_median": 23.9, "gm_std": 3.1, "gm_stab": 0.87, "gm_chg_2022": -6.3, "npm_median": 12.9, "roe_median": 8.8, "commodity": false, "hard_ratio": 22.2, "fix_assets": 3.7, "goodwill_ratio": 0.0, "pb_calc": 1.92, "capex_dep": 0.96, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 13.2, "debt_mv": null, "payout": 28.7, "div_years": 4, "rev_cagr3": 5.8, "np_cagr3": 1.4, "rev_yoy": -5.8, "np_yoy": -7.8, "np_vol": 56.8, "loss_years": 1, "far_share": 86.0, "earn_yield": 2.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["天然气销售", 32.0], ["天然气业务", 32.0], ["入户安装业务", 2.0]], "ret_prev_year": -34.5, "ret_prev2_year": 110.0, "ret_ytd": -1.4, "ret_pivot": -26.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.6, "ret_60": -21.5, "ret_120": -5.4, "ret_250": -12.3, "mdd_250": -45.5, "vol_250": 42.9, "pos_52w": 69.3}, "S": {"duration": 58, "pricing": 46, "hard": 36, "bondness": 30}, "label": "中性", "tags": [], "text": {"像什么": ["PE 34.8 倍、股息率 0.4%、毛利率近 5 年中位 23.9%、固定资产占比 22%、资产负债率 13%: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 22%,毛利率近 5 年中位 23.9%。", "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 2.5%(经营现金流/市值 3.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.9%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -6.3 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 22%,资本开支/折旧 0.96 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 34.8 倍 粗算,约 86%(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 -12%,最大回撤 -46%,年化波动 43%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 11% / -22% / -5%。", "行业对照": ["同申万二级「燃气Ⅱ」30 家中位:PE 22.2 / 股息率 2.5% / 毛利率 15.7% / 固定资产占比 47% / 分红率 50%。", "万憬能源:PE 比行业中位高 12.6倍;股息率 比行业中位低 2.1个百分点;毛利率 比行业中位高 8.2个百分点;固定资产占比 比行业中位低 24.4个百分点。"]}}