{"F": {"ts_code": "600101.SH", "name": "明星电力", "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": "19970627", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.86, "pe_ttm": 26.3344, "pb": 1.3891, "dv_ttm": 1.3995, "total_mv": 430619.925, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [8.9, 11.4, 11.6, 11.1, 11.2, 11.0], "rev_series": [16.7, 19.3, 23.8, 26.7, 28.4, 30.2], "np_series": [0.7, 1.2, 1.6, 1.8, 2.1, 1.8], "roe_series": [2.9, 5.0, 6.1, 6.5, 7.2, 6.1], "period": "20260630", "rev_ttm": 30.6, "np_ttm": 1.6, "ocf_ttm": 2.2, "fcf_ttm": -0.7, "fcf_yield": -1.7, "ocf_yield": 5.0, "gm_median": 11.2, "gm_std": 0.2, "gm_stab": 0.98, "gm_chg_2022": 2.7, "npm_median": 6.7, "roe_median": 6.1, "commodity": false, "hard_ratio": 65.6, "fix_assets": 28.1, "goodwill_ratio": 0.1, "pb_calc": 1.39, "capex_dep": 1.5, "interest_debt": 0.7, "debt_ebitda": 0.2, "debt_ratio": 27.7, "debt_mv": 1.5, "payout": 31.4, "div_years": 5, "rev_cagr3": 8.3, "np_cagr3": 5.0, "rev_yoy": 2.2, "np_yoy": -28.0, "np_vol": 29.0, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 1, "fwd_pe": 21.8, "fwd_pe2": 21.8, "fwd_g1": 21.0, "fwd_g2": 0.0, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["商品销售", 42.0], ["安装工程", 6.0], ["提供服务", 2.0]], "ret_prev_year": 6.7, "ret_prev2_year": 39.1, "ret_ytd": -14.0, "ret_pivot": 14.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.5, "ret_60": -12.9, "ret_120": -28.0, "ret_250": -23.5, "mdd_250": -32.3, "vol_250": 33.4, "pos_52w": 69.6}, "S": {"duration": 48, "pricing": 49, "hard": 100, "bondness": 32}, "label": "中性", "tags": [], "text": {"像什么": ["PE 26.3 倍、股息率 1.4%、毛利率近 5 年中位 11.2%、固定资产占比 66%、有息负债/EBITDA 0.2 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 66%),没有定价权:毛利率近 5 年中位 11.2%,稳定度 98%。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": "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 -1.7%(经营现金流/市值 5.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.2%,稳定度 98%,2020→2022 成本通胀期毛利率变化 2.7 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 66%,资本开支/折旧 1.50 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.3 倍 粗算,约 81%(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 -24%,最大回撤 -32%,年化波动 33%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -4% / -13% / -28%。", "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%。", "明星电力:PE 比行业中位低 1.5倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 11.3个百分点;固定资产占比 比行业中位高 4.9个百分点。"]}}