{"F": {"ts_code": "600642.SH", "name": "申能股份", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "火力发电", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "19930416", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.57, "pe_ttm": 11.5877, "pb": 1.1422, "dv_ttm": 5.3676, "total_mv": 4194226.0458, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.5, 11.4, 12.0, 18.5, 19.6, 22.6], "rev_series": [197.1, 253.1, 281.9, 291.4, 296.2, 280.3], "np_series": [23.9, 16.4, 10.8, 34.6, 39.4, 40.1], "roe_series": [7.9, 5.3, 3.5, 10.7, 11.1, 10.1], "period": "20260630", "rev_ttm": 277.9, "np_ttm": 36.2, "ocf_ttm": 85.6, "fcf_ttm": 35.9, "fcf_yield": 8.6, "ocf_yield": 20.4, "gm_median": 18.5, "gm_std": 4.4, "gm_stab": 0.76, "gm_chg_2022": -7.5, "npm_median": 14.3, "roe_median": 10.1, "commodity": false, "hard_ratio": 50.3, "fix_assets": 574.8, "goodwill_ratio": 0.0, "pb_calc": 1.02, "capex_dep": 1.3, "interest_debt": 487.9, "debt_ebitda": 5.7, "debt_ratio": 56.1, "debt_mv": 116.3, "payout": 56.3, "div_years": 5, "rev_cagr3": -0.2, "np_cagr3": 54.8, "rev_yoy": -1.8, "np_yoy": -19.0, "np_vol": 94.0, "loss_years": 0, "far_share": 57.0, "earn_yield": 8.6, "consensus_n": 8, "fwd_pe": 11.7, "fwd_pe2": 11.0, "fwd_g1": -1.0, "fwd_g2": 7.0, "peg": 1.67, "consensus_disp": null, "mainbz": [["产品", 48.0], ["煤电业务", 21.0], ["气电业务", 9.0], ["油气管输业务", 6.0]], "ret_prev_year": -14.7, "ret_prev2_year": 67.9, "ret_ytd": 17.1, "ret_pivot": 27.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.8, "ret_60": -5.8, "ret_120": -1.8, "ret_250": 10.3, "mdd_250": -21.1, "vol_250": 24.2, "pos_52w": 83.2}, "S": {"duration": 25, "pricing": 40, "hard": 80, "bondness": 85}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 56%、股息率 5.4%、营收 3 年复合 -0.2%、有息负债/EBITDA 5.7 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 50%),没有定价权:毛利率近 5 年中位 18.5%,稳定度 76%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 8.6%(经营现金流/市值 20.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.5%,稳定度 76%,2020→2022 成本通胀期毛利率变化 -7.5 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 50%,资本开支/折旧 1.30 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.6 倍 粗算,约 57%(1 − 5/PE)。中等。"]], "价格行为": "近一年 10%,最大回撤 -21%,年化波动 24%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 3% / -6% / -2%。", "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%。", "申能股份:PE 比行业中位低 16.2倍;股息率 比行业中位高 3.6个百分点;毛利率 比行业中位低 4.0个百分点;固定资产占比 比行业中位低 10.4个百分点。"]}}