{"F": {"ts_code": "600236.SH", "name": "桂冠电力", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "水力发电", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "20000323", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.88, "pe_ttm": 20.2236, "pb": 4.3047, "dv_ttm": 2.9656, "total_mv": 7787789.2664, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [49.0, 37.8, 50.4, 30.1, 44.7, 54.0], "rev_series": [89.7, 84.1, 106.2, 80.9, 96.0, 103.9], "np_series": [22.0, 13.5, 32.1, 12.3, 22.8, 32.8], "roe_series": [14.1, 8.1, 18.0, 6.6, 12.3, 16.5], "period": "20260630", "rev_ttm": 119.5, "np_ttm": 38.5, "ocf_ttm": 78.5, "fcf_ttm": 50.0, "fcf_yield": 6.4, "ocf_yield": 10.1, "gm_median": 44.7, "gm_std": 8.6, "gm_stab": 0.81, "gm_chg_2022": 1.4, "npm_median": 27.5, "roe_median": 12.3, "commodity": false, "hard_ratio": 76.5, "fix_assets": 407.3, "goodwill_ratio": 0.5, "pb_calc": 3.78, "capex_dep": 1.31, "interest_debt": 247.5, "debt_ebitda": 3.0, "debt_ratio": 55.2, "debt_mv": 31.8, "payout": 73.9, "div_years": 5, "rev_cagr3": -0.7, "np_cagr3": 0.7, "rev_yoy": 37.6, "np_yoy": 48.1, "np_vol": 68.2, "loss_years": 0, "far_share": 75.0, "earn_yield": 4.9, "consensus_n": 9, "fwd_pe": 22.1, "fwd_pe2": 21.3, "fwd_g1": -9.0, "fwd_g2": 4.0, "peg": 5.53, "consensus_disp": null, "mainbz": [["电力销售", 50.0], ["电力", 50.0], ["其他主营业务", 0.0], ["其他", 0.0]], "ret_prev_year": 18.8, "ret_prev2_year": 29.8, "ret_ytd": 30.2, "ret_pivot": 72.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.5, "ret_60": 3.5, "ret_120": 2.9, "ret_250": 59.9, "mdd_250": -26.2, "vol_250": 47.4, "pos_52w": 80.7}, "S": {"duration": 40, "pricing": 59, "hard": 100, "bondness": 73}, "label": "中性", "tags": [], "text": {"像什么": ["PE 20.2 倍、股息率 3.0%、毛利率近 5 年中位 44.7%、固定资产占比 76%、有息负债/EBITDA 3.0 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 76%),没有定价权:毛利率近 5 年中位 44.7%,稳定度 81%。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 6.4%(经营现金流/市值 10.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 44.7%,稳定度 81%,2020→2022 成本通胀期毛利率变化 1.4 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 76%,资本开支/折旧 1.31 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 60%,最大回撤 -26%,年化波动 47%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 -8% / 4% / 3%。", "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%。", "桂冠电力:PE 比行业中位低 7.6倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位高 22.2个百分点;固定资产占比 比行业中位高 15.8个百分点。"]}}