{"F": {"ts_code": "600310.SH", "name": "广西能源", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "电能综合服务", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "20010228", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.48, "pe_ttm": null, "pb": 2.316, "dv_ttm": 0.6696, "total_mv": 656638.3936, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [5.3, 7.9, 7.4, 5.5, 25.4, 19.8], "rev_series": [187.5, 170.8, 174.3, 167.2, 39.3, 37.1], "np_series": [2.6, 0.8, -2.2, 0.0, 0.6, -2.1], "roe_series": [11.9, 2.9, -7.1, 0.1, 2.1, -7.3], "period": "20260630", "rev_ttm": 40.0, "np_ttm": -0.2, "ocf_ttm": 17.5, "fcf_ttm": 1.8, "fcf_yield": 2.7, "ocf_yield": 26.7, "gm_median": 7.9, "gm_std": 7.9, "gm_stab": -0.0, "gm_chg_2022": 2.1, "npm_median": 0.2, "roe_median": 0.1, "commodity": false, "hard_ratio": 71.8, "fix_assets": 165.6, "goodwill_ratio": 0.7, "pb_calc": 2.32, "capex_dep": 2.15, "interest_debt": 146.1, "debt_ebitda": 9.8, "debt_ratio": 77.1, "debt_mv": 222.6, "payout": 1398.5, "div_years": 4, "rev_cagr3": -40.3, "np_cagr3": null, "rev_yoy": 17.4, "np_yoy": 275.1, "np_vol": 1573.2, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 26.4, "fwd_pe2": 21.3, "fwd_g1": null, "fwd_g2": 24.0, "peg": 1.1, "consensus_disp": null, "mainbz": [["产品", 50.0], ["电力", 49.0], ["其他", 1.0], ["设计咨询", 0.0]], "ret_prev_year": -16.0, "ret_prev2_year": 23.3, "ret_ytd": 18.5, "ret_pivot": 34.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.4, "ret_60": -5.9, "ret_120": 3.7, "ret_250": 9.5, "mdd_250": -42.8, "vol_250": 50.4, "pos_52w": 68.2}, "S": {"duration": 100, "pricing": 13, "hard": 100, "bondness": 74}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 77%,有息负债 146 亿,经营现金流/市值 26.7%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 72%),没有定价权:毛利率近 5 年中位 7.9%,稳定度 0%。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": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.7%(经营现金流/市值 26.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.9%,稳定度 0%,2020→2022 成本通胀期毛利率变化 2.1 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 72%,资本开支/折旧 2.15 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 10%,最大回撤 -43%,年化波动 50%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 1% / -6% / 4%。", "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%。", "广西能源:PE ;股息率 比行业中位低 1.1个百分点;毛利率 比行业中位低 14.6个百分点;固定资产占比 比行业中位高 11.1个百分点。"]}}