{"F": {"ts_code": "600483.SH", "name": "福能股份", "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": "20040531", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.12, "pe_ttm": 10.4843, "pb": 1.1213, "dv_ttm": 3.1745, "total_mv": 3091523.0192, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.9, 17.1, 23.9, 23.8, 26.6, 28.7], "rev_series": [95.6, 120.8, 143.2, 146.9, 145.6, 137.5], "np_series": [15.0, 12.7, 25.9, 26.2, 27.9, 29.6], "roe_series": [10.6, 7.6, 13.7, 12.5, 11.8, 11.2], "period": "20260630", "rev_ttm": 139.4, "np_ttm": 29.5, "ocf_ttm": 51.7, "fcf_ttm": 14.5, "fcf_yield": 4.7, "ocf_yield": 16.7, "gm_median": 23.9, "gm_std": 3.9, "gm_stab": 0.84, "gm_chg_2022": 0.0, "npm_median": 22.9, "roe_median": 11.8, "commodity": false, "hard_ratio": 49.0, "fix_assets": 290.4, "goodwill_ratio": 0.1, "pb_calc": 1.11, "capex_dep": 2.19, "interest_debt": 203.6, "debt_ebitda": 4.0, "debt_ratio": 40.9, "debt_mv": 65.8, "payout": 30.1, "div_years": 5, "rev_cagr3": -1.3, "np_cagr3": 4.5, "rev_yoy": 3.0, "np_yoy": -0.6, "np_vol": 37.3, "loss_years": 0, "far_share": 52.0, "earn_yield": 9.5, "consensus_n": 13, "fwd_pe": 10.8, "fwd_pe2": 9.8, "fwd_g1": -3.0, "fwd_g2": 11.0, "peg": 0.98, "consensus_disp": null, "mainbz": [["电力业务", 47.0], ["供电", 47.0], ["纺织品", 3.0], ["纺织业务", 3.0]], "ret_prev_year": -1.3, "ret_prev2_year": 27.8, "ret_ytd": 22.0, "ret_pivot": 33.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.5, "ret_60": -2.1, "ret_120": 4.1, "ret_250": 18.8, "mdd_250": -16.9, "vol_250": 28.6, "pos_52w": 95.1}, "S": {"duration": 23, "pricing": 49, "hard": 78, "bondness": 62}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 10.5 倍、股息率 3.2%、毛利率近 5 年中位 23.9%、固定资产占比 49%、有息负债/EBITDA 4.0 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 49%),没有定价权:毛利率近 5 年中位 23.9%,稳定度 84%。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 4.7%(经营现金流/市值 16.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.9%,稳定度 84%,2020→2022 成本通胀期毛利率变化 0.0 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 49%,资本开支/折旧 2.19 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.5 倍 粗算,约 52%(1 − 5/PE)。中等。"]], "价格行为": "近一年 19%,最大回撤 -17%,年化波动 29%,现价在 52 周高点的 95%;近 20 / 60 / 120 日 6% / -2% / 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%。", "福能股份:PE 比行业中位低 17.3倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位高 1.4个百分点;固定资产占比 比行业中位低 11.7个百分点。"]}}