{"F": {"ts_code": "600226.SH", "name": "亨通股份", "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": "19991116", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.71, "pe_ttm": 102.562, "pb": 4.5536, "dv_ttm": null, "total_mv": 1698371.6652, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.8, 17.4, 13.4, 21.4, 12.0, 8.1], "rev_series": [5.6, 6.8, 6.0, 6.5, 13.3, 18.5], "np_series": [-9.4, 3.8, 4.9, 1.7, 1.9, 2.0], "roe_series": [-30.5, 14.2, 16.9, 5.2, 5.7, 5.7], "period": "20260630", "rev_ttm": 24.4, "np_ttm": 1.7, "ocf_ttm": -3.1, "fcf_ttm": -3.4, "fcf_yield": -2.0, "ocf_yield": -1.8, "gm_median": 13.4, "gm_std": 4.6, "gm_stab": 0.66, "gm_chg_2022": -1.4, "npm_median": 23.7, "roe_median": 5.7, "commodity": false, "hard_ratio": 26.9, "fix_assets": 16.8, "goodwill_ratio": 0.0, "pb_calc": 4.55, "capex_dep": 0.19, "interest_debt": 15.5, "debt_ebitda": 10.8, "debt_ratio": 40.5, "debt_mv": 9.2, "payout": null, "div_years": 0, "rev_cagr3": 45.4, "np_cagr3": -25.5, "rev_yoy": 72.3, "np_yoy": -27.8, "np_vol": 66.2, "loss_years": 0, "far_share": 95.0, "earn_yield": 1.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 46.0], ["电解铜箔", 37.0], ["兽药产品", 4.0], ["兽药", 4.0]], "ret_prev_year": 109.0, "ret_prev2_year": -2.3, "ret_ytd": 7.1, "ret_pivot": 213.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.5, "ret_60": -23.9, "ret_120": -5.1, "ret_250": 70.4, "mdd_250": -57.2, "vol_250": 59.0, "pos_52w": 50.0}, "S": {"duration": 92, "pricing": 36, "hard": 43, "bondness": 15}, "label": "中性", "tags": [], "text": {"像什么": ["PE 102.6 倍、股息率 —、毛利率近 5 年中位 13.4%、固定资产占比 27%、有息负债/EBITDA 10.8 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 27%,毛利率近 5 年中位 13.4%。", "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 -2.0%(经营现金流/市值 -1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.4%,稳定度 66%,2020→2022 成本通胀期毛利率变化 -1.4 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 27%,资本开支/折旧 0.19 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 102.6 倍 粗算,约 95%(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 70%,最大回撤 -57%,年化波动 59%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -8% / -24% / -5%。", "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%。", "亨通股份:PE 比行业中位高 74.8倍;股息率 ;毛利率 比行业中位低 9.1个百分点;固定资产占比 比行业中位低 33.8个百分点。"]}}