{"F": {"ts_code": "600167.SH", "name": "联美控股", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "热力服务", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "19990128", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.8, "pe_ttm": 26.5119, "pb": 1.1303, "dv_ttm": 2.5424, "total_mv": 1312447.49, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.5, 44.4, 39.0, 34.6, 33.4, 32.0], "rev_series": [36.0, 34.7, 34.5, 34.1, 35.1, 32.4], "np_series": [16.9, 10.5, 9.4, 8.6, 6.6, 6.9], "roe_series": [20.6, 12.0, 9.8, 8.0, 6.0, 6.2], "period": "20260630", "rev_ttm": 30.8, "np_ttm": 5.0, "ocf_ttm": 13.1, "fcf_ttm": 11.3, "fcf_yield": 8.6, "ocf_yield": 9.9, "gm_median": 34.6, "gm_std": 4.5, "gm_stab": 0.87, "gm_chg_2022": -15.6, "npm_median": 26.6, "roe_median": 8.0, "commodity": false, "hard_ratio": 18.7, "fix_assets": 29.3, "goodwill_ratio": 0.2, "pb_calc": 1.13, "capex_dep": 0.47, "interest_debt": 16.5, "debt_ebitda": 1.3, "debt_ratio": 20.6, "debt_mv": 12.6, "payout": 105.4, "div_years": 5, "rev_cagr3": -2.1, "np_cagr3": -10.1, "rev_yoy": -8.6, "np_yoy": -36.4, "np_vol": 14.3, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 7, "fwd_pe": 17.3, "fwd_pe2": 16.3, "fwd_g1": 53.0, "fwd_g2": 6.0, "peg": 2.88, "consensus_disp": null, "mainbz": [["产品", 33.0], ["供暖及蒸汽收入", 27.0], ["供暖及蒸汽", 27.0], ["广告发布服务", 4.0]], "ret_prev_year": 27.9, "ret_prev2_year": 7.6, "ret_ytd": -15.7, "ret_pivot": 22.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.3, "ret_60": 3.0, "ret_120": -12.3, "ret_250": -12.3, "mdd_250": -50.0, "vol_250": 47.6, "pos_52w": 55.7}, "S": {"duration": 48, "pricing": 52, "hard": 30, "bondness": 74}, "label": "中性", "tags": [], "text": {"像什么": ["PE 26.5 倍、股息率 2.5%、毛利率近 5 年中位 34.6%、固定资产占比 19%、有息负债/EBITDA 1.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 34.6%),硬资产占比 19%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 8.6%(经营现金流/市值 9.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.6%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -15.6 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 19%,资本开支/折旧 0.47 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.5 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 -12%,最大回撤 -50%,年化波动 48%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 0% / 3% / -12%。", "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%。", "联美控股:PE 比行业中位低 1.3倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 12.1个百分点;固定资产占比 比行业中位低 42.0个百分点。"]}}