{"F": {"ts_code": "605090.SH", "name": "九丰能源", "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": "20210525", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 33.5, "pe_ttm": 15.083, "pb": 1.9277, "dv_ttm": 1.8681, "total_mv": 2367058.075, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.8, 6.5, 6.5, 7.8, 9.3, 10.3], "rev_series": [89.1, 184.9, 239.5, 265.7, 220.5, 202.7], "np_series": [7.7, 6.2, 10.9, 13.1, 16.8, 14.8], "roe_series": [34.2, 15.0, 17.2, 17.7, 19.8, 14.4], "period": "20260630", "rev_ttm": 194.8, "np_ttm": 15.7, "ocf_ttm": 26.7, "fcf_ttm": 20.9, "fcf_yield": 8.8, "ocf_yield": 11.3, "gm_median": 7.8, "gm_std": 1.5, "gm_stab": 0.8, "gm_chg_2022": -8.3, "npm_median": 4.9, "roe_median": 17.2, "commodity": false, "hard_ratio": 27.1, "fix_assets": 49.7, "goodwill_ratio": 8.6, "pb_calc": 1.92, "capex_dep": 1.82, "interest_debt": 34.1, "debt_ebitda": 1.6, "debt_ratio": 29.6, "debt_mv": 14.4, "payout": 46.4, "div_years": 5, "rev_cagr3": -5.4, "np_cagr3": 10.7, "rev_yoy": -7.6, "np_yoy": 10.4, "np_vol": 34.0, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.6, "consensus_n": 16, "fwd_pe": 14.1, "fwd_pe2": 13.0, "fwd_g1": 7.0, "fwd_g2": 8.0, "peg": 1.76, "consensus_disp": null, "mainbz": [["液化石油气", 23.0], ["LPG(液化石油气)", 23.0], ["天然气", 15.0], ["LNG", 15.0]], "ret_prev_year": 58.4, "ret_prev2_year": 5.5, "ret_ytd": -21.8, "ret_pivot": 43.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.7, "ret_60": -7.2, "ret_120": -21.5, "ret_250": 19.4, "mdd_250": -41.7, "vol_250": 53.2, "pos_52w": 64.3}, "S": {"duration": 31, "pricing": 36, "hard": 43, "bondness": 52}, "label": "中性", "tags": [], "text": {"像什么": ["PE 15.1 倍、股息率 1.9%、毛利率近 5 年中位 7.8%、固定资产占比 27%、有息负债/EBITDA 1.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 27%,毛利率近 5 年中位 7.8%。", "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 8.8%(经营现金流/市值 11.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.8%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -8.3 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 27%,资本开支/折旧 1.82 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.1 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 19%,最大回撤 -42%,年化波动 53%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -3% / -7% / -22%。", "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%。", "九丰能源:PE 比行业中位低 7.1倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位低 7.9个百分点;固定资产占比 比行业中位低 19.5个百分点。"]}}