{"F": {"ts_code": "605162.SH", "name": "新中港", "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": "20210707", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.68, "pe_ttm": 46.339, "pb": 2.8628, "dv_ttm": 1.4783, "total_mv": 472959.8484, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.1, 21.9, 19.7, 23.8, 29.6, 33.4], "rev_series": [5.7, 7.7, 9.6, 9.6, 8.7, 7.1], "np_series": [1.6, 1.1, 1.2, 1.5, 1.5, 1.2], "roe_series": [28.3, 13.1, 10.3, 12.5, 11.4, 9.3], "period": "20260630", "rev_ttm": 6.8, "np_ttm": 1.0, "ocf_ttm": 2.0, "fcf_ttm": 0.5, "fcf_yield": 1.0, "ocf_yield": 4.3, "gm_median": 23.8, "gm_std": 5.1, "gm_stab": 0.79, "gm_chg_2022": -21.3, "npm_median": 15.4, "roe_median": 11.4, "commodity": false, "hard_ratio": 57.3, "fix_assets": 10.3, "goodwill_ratio": 0.0, "pb_calc": 2.86, "capex_dep": 1.49, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 8.3, "debt_mv": 0.3, "payout": 48.6, "div_years": 5, "rev_cagr3": -9.8, "np_cagr3": 2.0, "rev_yoy": -8.6, "np_yoy": -34.1, "np_vol": 18.9, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["热电联产", 49.0], ["储能电力", 1.0], ["其他", 0.0]], "ret_prev_year": 29.9, "ret_prev2_year": -25.6, "ret_ytd": 27.4, "ret_pivot": 84.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 25.9, "ret_60": 14.1, "ret_120": 11.9, "ret_250": 19.6, "mdd_250": -54.4, "vol_250": 56.8, "pos_52w": 69.7}, "S": {"duration": 69, "pricing": 43, "hard": 92, "bondness": 46}, "label": "中性", "tags": [], "text": {"像什么": ["PE 46.3 倍、股息率 1.5%、毛利率近 5 年中位 23.8%、固定资产占比 57%、有息负债/EBITDA 0.1 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 57%),没有定价权:毛利率近 5 年中位 23.8%,稳定度 79%。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 1.0%(经营现金流/市值 4.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.8%,稳定度 79%,2020→2022 成本通胀期毛利率变化 -21.3 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 57%,资本开支/折旧 1.49 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 46.3 倍 粗算,约 89%(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 20%,最大回撤 -54%,年化波动 57%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 26% / 14% / 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%。", "新中港:PE 比行业中位高 18.5倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 1.3个百分点;固定资产占比 比行业中位低 3.4个百分点。"]}}