{"F": {"ts_code": "600023.SH", "name": "浙能电力", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "火力发电", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "20131219", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.88, "pe_ttm": 11.8562, "pb": 0.8885, "dv_ttm": 6.7623, "total_mv": 6543461.5576, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.6, -2.1, -4.0, 9.4, 12.2, 12.3], "rev_series": [516.8, 710.7, 801.9, 959.8, 880.0, 795.5], "np_series": [60.8, -8.6, -18.3, 65.2, 77.5, 75.3], "roe_series": [9.2, -1.3, -2.9, 10.1, 11.0, 10.0], "period": "20260630", "rev_ttm": 766.6, "np_ttm": 55.2, "ocf_ttm": 99.8, "fcf_ttm": 24.5, "fcf_yield": 3.8, "ocf_yield": 15.3, "gm_median": 9.4, "gm_std": 7.1, "gm_stab": 0.24, "gm_chg_2022": -18.5, "npm_median": 8.2, "roe_median": 10.0, "commodity": false, "hard_ratio": 38.0, "fix_assets": 596.8, "goodwill_ratio": 0.2, "pb_calc": 0.89, "capex_dep": 1.12, "interest_debt": 477.8, "debt_ebitda": 4.3, "debt_ratio": 44.7, "debt_mv": 73.0, "payout": 51.0, "div_years": 3, "rev_cagr3": -0.3, "np_cagr3": null, "rev_yoy": -8.2, "np_yoy": -57.2, "np_vol": 212.0, "loss_years": 2, "far_share": 58.0, "earn_yield": 8.4, "consensus_n": 5, "fwd_pe": 11.6, "fwd_pe2": 10.1, "fwd_g1": 2.0, "fwd_g2": 15.0, "peg": 0.77, "consensus_disp": null, "mainbz": [["产品", 34.0], ["电力", 28.0], ["售电收入", 28.0], ["蒸汽销售", 3.0]], "ret_prev_year": -7.3, "ret_prev2_year": 34.8, "ret_ytd": 4.5, "ret_pivot": -8.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.0, "ret_60": -18.9, "ret_120": -7.8, "ret_250": -0.6, "mdd_250": -26.5, "vol_250": 28.8, "pos_52w": 76.0}, "S": {"duration": 26, "pricing": 17, "hard": 61, "bondness": 81}, "label": "现金流红利", "tags": ["亏损或困境", "近5年≥2年亏损", "股息率≥4%", "PEG<0.8"], "text": {"像什么": ["分红率 51%、股息率 6.8%、营收 3 年复合 -0.3%、有息负债/EBITDA 4.3 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 38%),没有定价权:毛利率近 5 年中位 9.4%,稳定度 24%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.8%(经营现金流/市值 15.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.4%,稳定度 24%,2020→2022 成本通胀期毛利率变化 -18.5 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 38%,资本开支/折旧 1.12 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.9 倍 粗算,约 58%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -1%,最大回撤 -26%,年化波动 29%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 -1% / -19% / -8%。", "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%。", "浙能电力:PE 比行业中位低 15.9倍;股息率 比行业中位高 5.0个百分点;毛利率 比行业中位低 13.1个百分点;固定资产占比 比行业中位低 22.7个百分点。"]}}