{"F": {"ts_code": "600979.SH", "name": "广安爱众", "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": "20040906", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.96, "pe_ttm": null, "pb": 1.1711, "dv_ttm": null, "total_mv": 495554.004, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.3, 31.0, 27.4, 28.4, 31.1, 27.3], "rev_series": [22.7, 23.9, 25.8, 28.3, 32.1, 30.3], "np_series": [1.9, 2.1, 1.7, 2.3, 2.4, -3.7], "roe_series": [4.8, 5.2, 4.0, 5.3, 5.3, -8.4], "period": "20260630", "rev_ttm": 30.3, "np_ttm": -3.6, "ocf_ttm": 3.4, "fcf_ttm": -6.2, "fcf_yield": -12.5, "ocf_yield": 6.8, "gm_median": 28.4, "gm_std": 1.7, "gm_stab": 0.94, "gm_chg_2022": -3.8, "npm_median": 7.3, "roe_median": 5.2, "commodity": false, "hard_ratio": 63.3, "fix_assets": 83.8, "goodwill_ratio": 0.6, "pb_calc": 1.17, "capex_dep": 2.36, "interest_debt": 47.2, "debt_ebitda": 6.0, "debt_ratio": 65.8, "debt_mv": 95.2, "payout": 29.6, "div_years": 4, "rev_cagr3": 5.5, "np_cagr3": null, "rev_yoy": 0.2, "np_yoy": 4.4, "np_vol": 106.3, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 29.0], ["电力", 14.0], ["售电", 14.0], ["售电：供区售电", 10.0]], "ret_prev_year": -3.8, "ret_prev2_year": 36.2, "ret_ytd": -9.8, "ret_pivot": 35.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.8, "ret_60": -20.6, "ret_120": -27.1, "ret_250": -30.5, "mdd_250": -37.1, "vol_250": 44.5, "pos_52w": 67.7}, "S": {"duration": 100, "pricing": 52, "hard": 100, "bondness": 40}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -3.6 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 66%,有息负债 47 亿,经营现金流/市值 6.8%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 63%),没有定价权:毛利率近 5 年中位 28.4%,稳定度 94%。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": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -12.5%(经营现金流/市值 6.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.4%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -3.8 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 63%,资本开支/折旧 2.36 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -30%,最大回撤 -37%,年化波动 44%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -1% / -21% / -27%。", "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%。", "广安爱众:PE ;股息率 ;毛利率 比行业中位高 5.9个百分点;固定资产占比 比行业中位高 2.6个百分点。"]}}