{"F": {"ts_code": "603071.SH", "name": "物产环能", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "热力服务", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "20211216", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.69, "pe_ttm": 10.1478, "pb": 1.192, "dv_ttm": 3.7037, "total_mv": 708044.1336, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [4.5, 4.2, 4.5, 5.2, 4.2, 5.0], "rev_series": [300.6, 598.8, 552.0, 443.3, 447.1, 373.0], "np_series": [5.0, 10.1, 10.6, 10.6, 7.4, 6.4], "roe_series": [29.7, 36.1, 25.4, 21.8, 13.8, 11.3], "period": "20260630", "rev_ttm": 360.5, "np_ttm": 7.0, "ocf_ttm": -1.5, "fcf_ttm": -5.7, "fcf_yield": -8.1, "ocf_yield": -2.1, "gm_median": 4.5, "gm_std": 0.4, "gm_stab": 0.91, "gm_chg_2022": -0.1, "npm_median": 2.1, "roe_median": 21.8, "commodity": false, "hard_ratio": 24.8, "fix_assets": 37.2, "goodwill_ratio": 7.2, "pb_calc": 1.19, "capex_dep": 0.95, "interest_debt": 38.5, "debt_ebitda": 2.5, "debt_ratio": 53.0, "debt_mv": 54.4, "payout": 41.2, "div_years": 5, "rev_cagr3": -12.2, "np_cagr3": -15.6, "rev_yoy": -6.8, "np_yoy": 19.7, "np_vol": 45.9, "loss_years": 0, "far_share": 51.0, "earn_yield": 9.9, "consensus_n": 6, "fwd_pe": 8.3, "fwd_pe2": 7.8, "fwd_g1": 23.0, "fwd_g2": 6.0, "peg": 1.38, "consensus_disp": null, "mainbz": [["贸易板块", 45.0], ["煤炭贸易", 45.0], ["热电联产", 5.0], ["热电板块", 5.0]], "ret_prev_year": 7.6, "ret_prev2_year": -11.8, "ret_ytd": -0.5, "ret_pivot": 34.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.6, "ret_60": 6.6, "ret_120": -11.8, "ret_250": -3.4, "mdd_250": -24.7, "vol_250": 28.6, "pos_52w": 86.4}, "S": {"duration": 22, "pricing": 42, "hard": 40, "bondness": 64}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 41%、股息率 3.7%、营收 3 年复合 -12.2%、有息负债/EBITDA 2.5 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 25%,毛利率近 5 年中位 4.5%。", "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 -8.1%(经营现金流/市值 -2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 4.5%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -0.1 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 25%,资本开支/折旧 0.95 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.1 倍 粗算,约 51%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -3%,最大回撤 -25%,年化波动 29%,现价在 52 周高点的 86%;近 20 / 60 / 120 日 7% / 7% / -12%。", "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%。", "物产环能:PE 比行业中位低 17.7倍;股息率 比行业中位高 1.9个百分点;毛利率 比行业中位低 18.0个百分点;固定资产占比 比行业中位低 35.9个百分点。"]}}