{"F": {"ts_code": "600027.SH", "name": "华电国际", "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": "20050203", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.84, "pe_ttm": 10.6616, "pb": 1.1295, "dv_ttm": 4.7521, "total_mv": 5620098.7128, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.2, -6.2, 0.4, 6.4, 8.8, 11.4], "rev_series": [907.4, 1044.2, 1070.6, 1171.8, 1129.9, 1260.1], "np_series": [41.8, -49.7, 1.0, 45.2, 57.0, 60.7], "roe_series": [6.3, -7.4, 0.2, 7.0, 8.3, 8.9], "period": "20260630", "rev_ttm": 1203.2, "np_ttm": 52.7, "ocf_ttm": 208.9, "fcf_ttm": 73.7, "fcf_yield": 13.1, "ocf_yield": 37.2, "gm_median": 6.4, "gm_std": 6.3, "gm_stab": 0.01, "gm_chg_2022": -15.7, "npm_median": 4.1, "roe_median": 7.0, "commodity": false, "hard_ratio": 63.1, "fix_assets": 1649.5, "goodwill_ratio": 0.1, "pb_calc": 0.79, "capex_dep": 1.07, "interest_debt": 1290.5, "debt_ebitda": 5.4, "debt_ratio": 60.7, "debt_mv": 229.6, "payout": 45.7, "div_years": 5, "rev_cagr3": 5.6, "np_cagr3": 293.3, "rev_yoy": -9.5, "np_yoy": -20.5, "np_vol": 1527.4, "loss_years": 1, "far_share": 53.0, "earn_yield": 9.4, "consensus_n": 18, "fwd_pe": 10.5, "fwd_pe2": 9.3, "fwd_g1": 2.0, "fwd_g2": 13.0, "peg": 0.81, "consensus_disp": null, "mainbz": [["产品", 35.0], ["电力销售收入", 30.0], ["发电", 30.0], ["供热", 5.0]], "ret_prev_year": -8.2, "ret_prev2_year": 15.4, "ret_ytd": 0.4, "ret_pivot": -0.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.6, "ret_60": -1.8, "ret_120": -6.6, "ret_250": -8.0, "mdd_250": -23.4, "vol_250": 24.5, "pos_52w": 83.7}, "S": {"duration": 23, "pricing": 7, "hard": 100, "bondness": 74}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 46%、股息率 4.8%、营收 3 年复合 5.6%、有息负债/EBITDA 5.4 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 63%),没有定价权:毛利率近 5 年中位 6.4%,稳定度 1%。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 13.1%(经营现金流/市值 37.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 6.4%,稳定度 1%,2020→2022 成本通胀期毛利率变化 -15.7 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 63%,资本开支/折旧 1.07 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.7 倍 粗算,约 53%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -8%,最大回撤 -23%,年化波动 24%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 4% / -2% / -7%。", "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%。", "华电国际:PE 比行业中位低 17.1倍;股息率 比行业中位高 3.0个百分点;毛利率 比行业中位低 16.1个百分点;固定资产占比 比行业中位高 2.4个百分点。"]}}