{"F": {"ts_code": "600795.SH", "name": "国电电力", "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": "19970318", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.37, "pe_ttm": 14.7604, "pb": 1.5897, "dv_ttm": 4.4879, "total_mv": 9577727.4567, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.8, 7.3, 13.5, 14.6, 14.2, 15.5], "rev_series": [1164.2, 1681.9, 1926.8, 1810.0, 1791.8, 1702.4], "np_series": [26.3, -18.5, 28.2, 56.1, 98.3, 71.6], "roe_series": [4.9, -3.7, 6.2, 12.0, 18.8, 12.4], "period": "20260630", "rev_ttm": 1716.2, "np_ttm": 64.9, "ocf_ttm": 482.1, "fcf_ttm": 90.0, "fcf_yield": 9.4, "ocf_yield": 50.3, "gm_median": 14.2, "gm_std": 3.0, "gm_stab": 0.79, "gm_chg_2022": -7.3, "npm_median": 6.6, "roe_median": 12.0, "commodity": false, "hard_ratio": 78.6, "fix_assets": 4123.1, "goodwill_ratio": 0.2, "pb_calc": 1.59, "capex_dep": 1.8, "interest_debt": 2858.9, "debt_ebitda": 6.6, "debt_ratio": 73.1, "debt_mv": 298.5, "payout": 38.2, "div_years": 4, "rev_cagr3": -4.0, "np_cagr3": 36.4, "rev_yoy": 1.8, "np_yoy": -18.2, "np_vol": 135.1, "loss_years": 1, "far_share": 66.0, "earn_yield": 6.8, "consensus_n": 18, "fwd_pe": 15.4, "fwd_pe2": 13.1, "fwd_g1": -4.0, "fwd_g2": 18.0, "peg": 0.86, "consensus_disp": null, "mainbz": [["火力发电产品", 72.0], ["新能源发电设备", 8.0], ["新能源发电产品", 8.0], ["水力发电产品", 6.0]], "ret_prev_year": 15.8, "ret_prev2_year": 15.9, "ret_ytd": 9.6, "ret_pivot": 18.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.8, "ret_60": 10.7, "ret_120": 8.5, "ret_250": 17.3, "mdd_250": -24.6, "vol_250": 24.0, "pos_52w": 91.8}, "S": {"duration": 31, "pricing": 38, "hard": 100, "bondness": 75}, "label": "中性", "tags": ["股息率≥4%"], "text": {"像什么": ["PE 14.8 倍、股息率 4.5%、毛利率近 5 年中位 14.2%、固定资产占比 79%、有息负债/EBITDA 6.6 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 79%),没有定价权:毛利率近 5 年中位 14.2%,稳定度 79%。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 9.4%(经营现金流/市值 50.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.2%,稳定度 79%,2020→2022 成本通胀期毛利率变化 -7.3 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 79%,资本开支/折旧 1.80 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.8 倍 粗算,约 66%(1 − 5/PE)。中等。"]], "价格行为": "近一年 17%,最大回撤 -25%,年化波动 24%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 8% / 11% / 8%。", "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%。", "国电电力:PE 比行业中位低 13.0倍;股息率 比行业中位高 2.7个百分点;毛利率 比行业中位低 8.3个百分点;固定资产占比 比行业中位高 17.9个百分点。"]}}