{"F": {"ts_code": "603693.SH", "name": "江苏新能", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "风力发电", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "20180703", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.23, "pe_ttm": 27.9896, "pb": 1.4152, "dv_ttm": 1.3357, "total_mv": 1001127.4357, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.9, 49.1, 50.3, 49.7, 51.4, 50.0], "rev_series": [15.5, 18.6, 19.7, 19.5, 21.0, 20.9], "np_series": [1.5, 3.1, 4.8, 4.7, 4.2, 5.1], "roe_series": [3.3, 5.9, 8.1, 7.6, 6.4, 7.4], "period": "20260630", "rev_ttm": 19.7, "np_ttm": 3.6, "ocf_ttm": 11.2, "fcf_ttm": 6.6, "fcf_yield": 6.6, "ocf_yield": 11.2, "gm_median": 50.0, "gm_std": 0.8, "gm_stab": 0.98, "gm_chg_2022": 10.4, "npm_median": 28.1, "roe_median": 7.4, "commodity": false, "hard_ratio": 57.3, "fix_assets": 101.9, "goodwill_ratio": 0.0, "pb_calc": 1.42, "capex_dep": 0.66, "interest_debt": 71.1, "debt_ebitda": 4.9, "debt_ratio": 52.6, "debt_mv": 71.0, "payout": 28.3, "div_years": 5, "rev_cagr3": 1.9, "np_cagr3": 2.2, "rev_yoy": -11.1, "np_yoy": -53.1, "np_vol": 40.4, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["电力收入", 33.0], ["电力", 33.0], ["其他业务", 1.0]], "ret_prev_year": 22.6, "ret_prev2_year": -11.2, "ret_ytd": -4.1, "ret_pivot": 38.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.0, "ret_60": -20.0, "ret_120": -23.7, "ret_250": -16.7, "mdd_250": -40.9, "vol_250": 44.8, "pos_52w": 59.8}, "S": {"duration": 50, "pricing": 71, "hard": 92, "bondness": 51}, "label": "中性", "tags": [], "text": {"像什么": ["PE 28.0 倍、股息率 1.3%、毛利率近 5 年中位 50.0%、固定资产占比 57%、有息负债/EBITDA 4.9 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 57%、毛利率 50.0% 看起来两条都占,但价格受管制(电力:电价/通行费/港口费由主管部门或市场化机制定),高毛利来自成本结构不是提价能力。通胀来了它不能提价,利润跟不上通胀,所以不算。", "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 6.6%(经营现金流/市值 11.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 50.0%,稳定度 98%,2020→2022 成本通胀期毛利率变化 10.4 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 57%,资本开支/折旧 0.66 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.0 倍 粗算,约 82%(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 -17%,最大回撤 -41%,年化波动 45%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -7% / -20% / -24%。", "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%。", "江苏新能:PE 比行业中位高 0.2倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 27.5个百分点;固定资产占比 比行业中位低 3.4个百分点。"]}}