{"F": {"ts_code": "600163.SH", "name": "中闽能源", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "风力发电", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "19980602", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.26, "pe_ttm": 20.2489, "pb": 1.3924, "dv_ttm": 0.5703, "total_mv": 1000975.9486, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [67.7, 65.0, 61.7, 56.7, 57.6, 54.4], "rev_series": [12.5, 15.3, 17.9, 17.3, 17.4, 16.1], "np_series": [4.9, 6.6, 7.3, 6.8, 6.5, 5.2], "roe_series": [17.3, 15.2, 13.6, 11.3, 10.0, 7.5], "period": "20260630", "rev_ttm": 19.2, "np_ttm": 5.5, "ocf_ttm": 28.6, "fcf_ttm": 26.7, "fcf_yield": 26.6, "ocf_yield": 28.6, "gm_median": 57.6, "gm_std": 3.8, "gm_stab": 0.93, "gm_chg_2022": -6.0, "npm_median": 41.7, "roe_median": 11.3, "commodity": false, "hard_ratio": 69.2, "fix_assets": 107.5, "goodwill_ratio": 0.0, "pb_calc": 1.39, "capex_dep": 0.33, "interest_debt": 48.1, "debt_ebitda": 2.9, "debt_ratio": 47.4, "debt_mv": 48.0, "payout": 14.0, "div_years": 4, "rev_cagr3": -3.5, "np_cagr3": -10.6, "rev_yoy": -0.1, "np_yoy": -7.3, "np_vol": 18.5, "loss_years": 0, "far_share": 75.0, "earn_yield": 4.9, "consensus_n": 6, "fwd_pe": 15.1, "fwd_pe2": 13.6, "fwd_g1": 34.0, "fwd_g2": 11.0, "peg": 1.37, "consensus_disp": null, "mainbz": [["产品", 50.0], ["电力部分", 50.0], ["总部及其他", 1.0], ["分部间抵销", -1.0]], "ret_prev_year": -9.8, "ret_prev2_year": 42.8, "ret_ytd": -2.4, "ret_pivot": 24.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.2, "ret_60": -6.9, "ret_120": -21.7, "ret_250": -4.7, "mdd_250": -42.9, "vol_250": 46.7, "pos_52w": 63.7}, "S": {"duration": 40, "pricing": 65, "hard": 100, "bondness": 37}, "label": "中性", "tags": [], "text": {"像什么": ["PE 20.2 倍、股息率 0.6%、毛利率近 5 年中位 57.6%、固定资产占比 69%、有息负债/EBITDA 2.9 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 69%、毛利率 57.6% 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 26.6%(经营现金流/市值 28.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 57.6%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -6.0 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 69%,资本开支/折旧 0.33 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.2 倍 粗算,约 75%(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 -5%,最大回撤 -43%,年化波动 47%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 0% / -7% / -22%。", "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%。", "中闽能源:PE 比行业中位低 7.6倍;股息率 比行业中位低 1.2个百分点;毛利率 比行业中位高 35.1个百分点;固定资产占比 比行业中位高 8.5个百分点。"]}}