{"F": {"ts_code": "600475.SH", "name": "华光环能", "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": "20030721", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.89, "pe_ttm": 36.8744, "pb": 1.6487, "dv_ttm": 2.3383, "total_mv": 1415968.1236, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.8, 19.9, 19.9, 18.3, 19.2, 17.8], "rev_series": [76.4, 83.8, 88.4, 105.1, 91.1, 91.4], "np_series": [6.0, 7.6, 7.3, 7.4, 7.0, 3.9], "roe_series": [9.2, 10.4, 9.7, 9.2, 8.2, 4.5], "period": "20260630", "rev_ttm": 83.1, "np_ttm": 3.8, "ocf_ttm": 11.2, "fcf_ttm": 2.1, "fcf_yield": 1.5, "ocf_yield": 7.9, "gm_median": 19.2, "gm_std": 0.9, "gm_stab": 0.96, "gm_chg_2022": 3.2, "npm_median": 9.9, "roe_median": 9.2, "commodity": false, "hard_ratio": 24.6, "fix_assets": 66.0, "goodwill_ratio": 0.8, "pb_calc": 1.65, "capex_dep": 1.78, "interest_debt": 83.7, "debt_ebitda": 6.8, "debt_ratio": 60.7, "debt_mv": 59.1, "payout": 60.4, "div_years": 5, "rev_cagr3": 1.1, "np_cagr3": -19.0, "rev_yoy": -18.8, "np_yoy": -1.2, "np_vol": 20.6, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.7, "consensus_n": 2, "fwd_pe": 27.4, "fwd_pe2": 24.1, "fwd_g1": 35.0, "fwd_g2": 13.0, "peg": 2.11, "consensus_disp": null, "mainbz": [["产品", 38.0], ["地方热电及光伏运营服务", 20.0], ["地方热电及光伏发电运营服务", 20.0], ["节能高效发电设备", 6.0]], "ret_prev_year": 115.6, "ret_prev2_year": -10.2, "ret_ytd": -16.9, "ret_pivot": 101.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.9, "ret_60": 7.0, "ret_120": -30.4, "ret_250": -36.8, "mdd_250": -49.0, "vol_250": 61.1, "pos_52w": 61.3}, "S": {"duration": 60, "pricing": 53, "hard": 39, "bondness": 69}, "label": "中性", "tags": [], "text": {"像什么": ["PE 36.9 倍、股息率 2.3%、毛利率近 5 年中位 19.2%、固定资产占比 25%、有息负债/EBITDA 6.8 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 25%,毛利率近 5 年中位 19.2%。", "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 1.5%(经营现金流/市值 7.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.2%,稳定度 96%,2020→2022 成本通胀期毛利率变化 3.2 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 25%,资本开支/折旧 1.78 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 36.9 倍 粗算,约 86%(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 -37%,最大回撤 -49%,年化波动 61%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 2% / 7% / -30%。", "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%。", "华光环能:PE 比行业中位高 9.1倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位低 3.3个百分点;固定资产占比 比行业中位低 36.1个百分点。"]}}