{"F": {"ts_code": "600780.SH", "name": "通宝能源", "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": "19961205", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.33, "pe_ttm": 10.001, "pb": 0.8455, "dv_ttm": 2.8436, "total_mv": 725736.0825, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.1, 7.1, 11.6, 9.9, 8.6, 10.1], "rev_series": [69.4, 78.3, 111.2, 108.9, 108.3, 112.6], "np_series": [3.0, 1.9, 8.5, 6.8, 5.1, 6.5], "roe_series": [5.4, 3.3, 13.8, 9.7, 6.8, 8.1], "period": "20260630", "rev_ttm": 112.4, "np_ttm": 7.3, "ocf_ttm": 13.3, "fcf_ttm": 3.7, "fcf_yield": 5.2, "ocf_yield": 18.3, "gm_median": 9.9, "gm_std": 1.5, "gm_stab": 0.85, "gm_chg_2022": -0.5, "npm_median": 5.7, "roe_median": 8.1, "commodity": false, "hard_ratio": 39.8, "fix_assets": 48.8, "goodwill_ratio": 0.0, "pb_calc": 0.85, "capex_dep": 1.61, "interest_debt": 10.6, "debt_ebitda": 0.8, "debt_ratio": 30.2, "debt_mv": 14.6, "payout": 31.1, "div_years": 2, "rev_cagr3": 0.4, "np_cagr3": -8.8, "rev_yoy": -0.5, "np_yoy": 24.7, "np_vol": 150.8, "loss_years": 0, "far_share": 50.0, "earn_yield": 10.0, "consensus_n": 1, "fwd_pe": 10.9, "fwd_pe2": 10.4, "fwd_g1": -8.0, "fwd_g2": 5.0, "peg": 2.18, "consensus_disp": null, "mainbz": [["产品", 50.0], ["电力", 49.0], ["热力", 1.0], ["其他主营业务", 0.0]], "ret_prev_year": 0.9, "ret_prev2_year": -30.5, "ret_ytd": 15.1, "ret_pivot": 28.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.7, "ret_60": 0.0, "ret_120": -4.2, "ret_250": 8.6, "mdd_250": -32.7, "vol_250": 35.4, "pos_52w": 76.7}, "S": {"duration": 22, "pricing": 42, "hard": 64, "bondness": 50}, "label": "中性", "tags": [], "text": {"像什么": ["PE 10.0 倍、股息率 2.8%、毛利率近 5 年中位 9.9%、固定资产占比 40%、有息负债/EBITDA 0.8 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 40%),没有定价权:毛利率近 5 年中位 9.9%,稳定度 85%。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 5.2%(经营现金流/市值 18.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.9%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -0.5 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 40%,资本开支/折旧 1.61 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.0 倍 粗算,约 50%(1 − 5/PE)。中等。"]], "价格行为": "近一年 9%,最大回撤 -33%,年化波动 35%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 6% / 0% / -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%。", "通宝能源:PE 比行业中位低 17.8倍;股息率 比行业中位高 1.0个百分点;毛利率 比行业中位低 12.6个百分点;固定资产占比 比行业中位低 20.9个百分点。"]}}