{"F": {"ts_code": "600917.SH", "name": "重庆燃气", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "燃气Ⅱ", "sw3": "燃气Ⅲ", "ind": "燃气Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20140930", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.9, "pe_ttm": 42.4394, "pb": 1.3168, "dv_ttm": 1.102, "total_mv": 764909.502, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.2, 10.7, 8.9, 8.7, 9.3, 7.6], "rev_series": [68.2, 78.1, 87.4, 102.0, 101.6, 103.1], "np_series": [3.8, 4.6, 4.0, 5.0, 3.8, 2.1], "roe_series": [8.7, 9.9, 8.3, 9.7, 6.9, 3.7], "period": "20260630", "rev_ttm": 100.6, "np_ttm": 1.8, "ocf_ttm": 7.7, "fcf_ttm": 5.0, "fcf_yield": 6.5, "ocf_yield": 10.1, "gm_median": 8.9, "gm_std": 1.0, "gm_stab": 0.89, "gm_chg_2022": -3.4, "npm_median": 4.6, "roe_median": 8.3, "commodity": false, "hard_ratio": 52.5, "fix_assets": 58.5, "goodwill_ratio": 0.6, "pb_calc": 1.32, "capex_dep": 1.05, "interest_debt": 7.0, "debt_ebitda": 1.7, "debt_ratio": 41.8, "debt_mv": 9.2, "payout": 34.4, "div_years": 5, "rev_cagr3": 5.6, "np_cagr3": -19.4, "rev_yoy": -4.7, "np_yoy": -28.8, "np_vol": 26.6, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["天然气销售", 87.0], ["天然气接驳", 6.0], ["其他主营业务", 3.0], ["其他", 3.0]], "ret_prev_year": -8.5, "ret_prev2_year": -4.0, "ret_ytd": -10.0, "ret_pivot": -5.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.7, "ret_60": -1.1, "ret_120": -13.8, "ret_250": -15.3, "mdd_250": -28.6, "vol_250": 22.7, "pos_52w": 76.8}, "S": {"duration": 65, "pricing": 41, "hard": 84, "bondness": 38}, "label": "中性", "tags": [], "text": {"像什么": ["PE 42.4 倍、股息率 1.1%、毛利率近 5 年中位 8.9%、固定资产占比 52%、有息负债/EBITDA 1.7 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 52%),没有定价权:毛利率近 5 年中位 8.9%,稳定度 89%。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 6.5%(经营现金流/市值 10.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 8.9%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -3.4 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 52%,资本开支/折旧 1.05 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 42.4 倍 粗算,约 88%(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 -15%,最大回撤 -29%,年化波动 23%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 2% / -1% / -14%。", "行业对照": ["同申万二级「燃气Ⅱ」30 家中位:PE 22.2 / 股息率 2.5% / 毛利率 15.7% / 固定资产占比 47% / 分红率 50%。", "重庆燃气:PE 比行业中位高 20.2倍;股息率 比行业中位低 1.4个百分点;毛利率 比行业中位低 6.8个百分点;固定资产占比 比行业中位高 5.9个百分点。"]}}