{"F": {"ts_code": "600256.SH", "name": "广汇能源", "mkt": "CN", "ccy": "元", "sw1": "石油石化", "sw2": "炼化及贸易", "sw3": "油品石化贸易", "ind": "炼化及贸易", "fin_source": "tushare", "market": "主板", "list_date": "20000526", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.71, "pe_ttm": 24.2286, "pb": 1.7164, "dv_ttm": 0.9389, "total_mv": 4289034.013, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.2, 38.4, 28.6, 16.3, 20.7, 19.7], "rev_series": [151.3, 248.6, 594.1, 614.8, 364.4, 304.4], "np_series": [13.4, 50.0, 113.4, 51.6, 29.6, 13.5], "roe_series": [8.2, 26.4, 45.6, 17.9, 10.6, 5.3], "period": "20260630", "rev_ttm": 289.3, "np_ttm": 17.7, "ocf_ttm": 48.7, "fcf_ttm": 41.7, "fcf_yield": 9.7, "ocf_yield": 11.4, "gm_median": 20.7, "gm_std": 7.9, "gm_stab": 0.62, "gm_chg_2022": 0.5, "npm_median": 8.0, "roe_median": 17.9, "commodity": false, "hard_ratio": 62.9, "fix_assets": 311.5, "goodwill_ratio": 0.3, "pb_calc": 1.72, "capex_dep": 0.32, "interest_debt": 144.4, "debt_ebitda": 2.2, "debt_ratio": 51.8, "debt_mv": 33.7, "payout": 88.0, "div_years": 5, "rev_cagr3": -20.0, "np_cagr3": -50.9, "rev_yoy": -9.6, "np_yoy": 49.8, "np_vol": 131.2, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.1, "consensus_n": 14, "fwd_pe": 13.3, "fwd_pe2": 11.0, "fwd_g1": 82.0, "fwd_g2": 20.0, "peg": 0.67, "consensus_disp": null, "mainbz": [["煤炭销售", 31.0], ["煤炭", 31.0], ["天然气销售", 13.0], ["天然气业务", 13.0]], "ret_prev_year": -19.7, "ret_prev2_year": 5.0, "ret_ytd": 38.2, "ret_pivot": 28.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 18.3, "ret_60": 7.1, "ret_120": -9.9, "ret_250": 25.7, "mdd_250": -38.5, "vol_250": 44.8, "pos_52w": 88.7}, "S": {"duration": 45, "pricing": 40, "hard": 100, "bondness": 63}, "label": "成长兑现", "tags": ["PEG<0.8"], "text": {"像什么": ["盈利在追估值:最新净利润同比 50%,PE TTM 24.2 倍 但前瞻 PE 13.3 倍,PEG 0.67。", "自由现金流 41.7 亿(正),次年预期增速 20%(14 篇研报),风险在增速假设能否延续。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 63%),没有定价权:毛利率近 5 年中位 20.7%,稳定度 62%。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": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 9.7%(经营现金流/市值 11.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.7%,稳定度 62%,2020→2022 成本通胀期毛利率变化 0.5 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 63%,资本开支/折旧 0.32 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.2 倍 粗算,约 79%(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 26%,最大回撤 -38%,年化波动 45%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 18% / 7% / -10%。 长久期资产波动大是常态;", "行业对照": ["同申万二级「炼化及贸易」30 家中位:PE 24.2 / 股息率 0.8% / 毛利率 10.6% / 固定资产占比 43% / 分红率 49%。", "广汇能源:PE 与行业中位持平;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位高 10.1个百分点;固定资产占比 比行业中位高 19.8个百分点。"]}}