{"F": {"ts_code": "603080.SH", "name": "新疆火炬", "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": "20180103", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 20.57, "pe_ttm": 13.6459, "pb": 1.8092, "dv_ttm": 2.528, "total_mv": 291065.5, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.0, 28.7, 30.0, 27.0, 25.1, 25.5], "rev_series": [6.8, 9.0, 8.5, 10.9, 14.8, 16.3], "np_series": [0.7, 1.0, 1.0, 1.3, 1.6, 2.1], "roe_series": [6.4, 8.3, 7.4, 9.8, 10.6, 13.6], "period": "20260630", "rev_ttm": 16.3, "np_ttm": 2.1, "ocf_ttm": 2.8, "fcf_ttm": 2.0, "fcf_yield": 7.0, "ocf_yield": 9.7, "gm_median": 27.0, "gm_std": 1.9, "gm_stab": 0.93, "gm_chg_2022": 1.0, "npm_median": 11.5, "roe_median": 9.8, "commodity": false, "hard_ratio": 36.0, "fix_assets": 9.4, "goodwill_ratio": 10.6, "pb_calc": 1.81, "capex_dep": 0.85, "interest_debt": 1.2, "debt_ebitda": 0.3, "debt_ratio": 29.9, "debt_mv": 4.1, "payout": 49.5, "div_years": 5, "rev_cagr3": 24.3, "np_cagr3": 30.0, "rev_yoy": 0.5, "np_yoy": 2.4, "np_vol": 17.3, "loss_years": 0, "far_share": 63.0, "earn_yield": 7.3, "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", 78.0], ["安装业务", 13.0], ["供热业务", 3.0], ["其他业务", 2.0]], "ret_prev_year": 54.0, "ret_prev2_year": -0.7, "ret_ytd": -11.0, "ret_pivot": 67.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.0, "ret_60": 1.3, "ret_120": -9.0, "ret_250": -4.7, "mdd_250": -34.6, "vol_250": 38.4, "pos_52w": 76.0}, "S": {"duration": 29, "pricing": 54, "hard": 58, "bondness": 33}, "label": "中性", "tags": [], "text": {"像什么": ["PE 13.6 倍、股息率 2.5%、毛利率近 5 年中位 27.0%、固定资产占比 36%、有息负债/EBITDA 0.3 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 36%),没有定价权:毛利率近 5 年中位 27.0%,稳定度 93%。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 7.0%(经营现金流/市值 9.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.0%,稳定度 93%,2020→2022 成本通胀期毛利率变化 1.0 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 36%,资本开支/折旧 0.85 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.6 倍 粗算,约 63%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -5%,最大回撤 -35%,年化波动 38%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 9% / 1% / -9%。", "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%。", "新疆火炬:PE 比行业中位低 8.6倍;股息率 与行业中位持平;毛利率 比行业中位高 11.3个百分点;固定资产占比 比行业中位低 10.6个百分点。"]}}