{"F": {"ts_code": "600032.SH", "name": "浙江新能", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "光伏发电", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "20210525", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.73, "pe_ttm": 43.7171, "pb": 1.2496, "dv_ttm": 0.951, "total_mv": 1618346.4769, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [53.9, 56.3, 54.1, 51.2, 45.6, 39.9], "rev_series": [23.5, 29.1, 46.0, 45.2, 49.6, 48.8], "np_series": [2.8, 4.5, 7.8, 6.3, 5.7, 5.1], "roe_series": [4.4, 6.4, 9.5, 6.1, 4.6, 4.0], "period": "20260630", "rev_ttm": 46.5, "np_ttm": 3.7, "ocf_ttm": 47.2, "fcf_ttm": 32.0, "fcf_yield": 19.8, "ocf_yield": 29.2, "gm_median": 51.2, "gm_std": 6.0, "gm_stab": 0.88, "gm_chg_2022": 0.1, "npm_median": 21.6, "roe_median": 6.1, "commodity": false, "hard_ratio": 66.0, "fix_assets": 383.4, "goodwill_ratio": 0.0, "pb_calc": 1.25, "capex_dep": 0.65, "interest_debt": 328.9, "debt_ebitda": 8.5, "debt_ratio": 66.1, "debt_mv": 203.3, "payout": 30.1, "div_years": 5, "rev_cagr3": 2.0, "np_cagr3": -13.3, "rev_yoy": -9.4, "np_yoy": -46.5, "np_vol": 28.8, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["风力发电", 14.0], ["风力业务", 14.0], ["光伏发电", 13.0]], "ret_prev_year": 0.8, "ret_prev2_year": -6.8, "ret_ytd": -8.8, "ret_pivot": 1.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.3, "ret_60": -21.4, "ret_120": -24.9, "ret_250": -11.7, "mdd_250": -50.2, "vol_250": 50.2, "pos_52w": 51.8}, "S": {"duration": 66, "pricing": 64, "hard": 100, "bondness": 49}, "label": "中性", "tags": [], "text": {"像什么": ["PE 43.7 倍、股息率 1.0%、毛利率近 5 年中位 51.2%、固定资产占比 66%、有息负债/EBITDA 8.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 66%、毛利率 51.2% 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 19.8%(经营现金流/市值 29.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 51.2%,稳定度 88%,2020→2022 成本通胀期毛利率变化 0.1 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 66%,资本开支/折旧 0.65 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 43.7 倍 粗算,约 89%(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 -50%,年化波动 50%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -8% / -21% / -25%。", "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%。", "浙江新能:PE 比行业中位高 15.9倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位高 28.7个百分点;固定资产占比 比行业中位高 5.3个百分点。"]}}