{"F": {"ts_code": "003035.SZ", "name": "南网能源", "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": "20210119", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.64, "pe_ttm": 59.4662, "pb": 3.0072, "dv_ttm": 0.4965, "total_mv": 2136363.6432, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.5, 40.4, 37.4, 33.3, 36.7, 38.3], "rev_series": [20.1, 26.0, 28.9, 29.9, 31.5, 36.8], "np_series": [4.0, 4.7, 5.5, 3.1, -0.6, 3.5], "roe_series": [9.3, 9.1, 8.9, 4.7, -0.9, 5.1], "period": "20260630", "rev_ttm": 38.1, "np_ttm": 3.6, "ocf_ttm": 17.4, "fcf_ttm": -0.4, "fcf_yield": -0.2, "ocf_yield": 8.1, "gm_median": 37.4, "gm_std": 2.3, "gm_stab": 0.94, "gm_chg_2022": -3.1, "npm_median": 12.1, "roe_median": 5.1, "commodity": false, "hard_ratio": 71.7, "fix_assets": 166.4, "goodwill_ratio": 0.0, "pb_calc": 3.01, "capex_dep": 1.94, "interest_debt": 101.5, "debt_ebitda": 5.6, "debt_ratio": 65.6, "debt_mv": 47.5, "payout": 21.0, "div_years": 5, "rev_cagr3": 8.4, "np_cagr3": -14.5, "rev_yoy": 8.5, "np_yoy": 6.0, "np_vol": 295.5, "loss_years": 1, "far_share": 92.0, "earn_yield": 1.7, "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], ["智慧能源项目", 28.0], ["节能降碳项目", 13.0], ["综合资源利用项目", 8.0]], "ret_prev_year": 10.0, "ret_prev2_year": -20.5, "ret_ytd": 23.7, "ret_pivot": 42.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.7, "ret_60": -8.3, "ret_120": -43.3, "ret_250": 17.7, "mdd_250": -51.6, "vol_250": 49.1, "pos_52w": 53.3}, "S": {"duration": 77, "pricing": 57, "hard": 100, "bondness": 37}, "label": "中性", "tags": [], "text": {"像什么": ["PE 59.5 倍、股息率 0.5%、毛利率近 5 年中位 37.4%、固定资产占比 72%、有息负债/EBITDA 5.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 72%、毛利率 37.4% 看起来两条都占,但价格受管制(电力:电价/通行费/港口费由主管部门或市场化机制定),高毛利来自成本结构不是提价能力。通胀来了它不能提价,利润跟不上通胀,所以不算。", "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 -0.2%(经营现金流/市值 8.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.4%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -3.1 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 1.94 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 59.5 倍 粗算,约 92%(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 18%,最大回撤 -52%,年化波动 49%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 1% / -8% / -43%。", "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%。", "南网能源:PE 比行业中位高 31.7倍;股息率 比行业中位低 1.3个百分点;毛利率 比行业中位高 14.9个百分点;固定资产占比 比行业中位高 11.0个百分点。"]}}