{"F": {"ts_code": "920770.BJ", "name": "艾能聚", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏电池组件", "ind": "光伏设备", "fin_source": "tushare", "market": "北交所", "list_date": "20230228", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.68, "pe_ttm": 32.801, "pb": 2.2578, "dv_ttm": 1.6854, "total_mv": 138981.1629, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.6, 21.0, 21.1, 26.3, 51.6, 53.2], "rev_series": [2.6, 3.4, 4.3, 3.4, 1.5, 1.8], "np_series": [-0.3, 0.5, 0.6, 0.5, 0.4, 0.5], "roe_series": [-6.4, 11.7, 15.5, 11.1, 6.2, 7.5], "period": "20260630", "rev_ttm": 1.6, "np_ttm": 0.4, "ocf_ttm": 0.8, "fcf_ttm": 0.5, "fcf_yield": 3.6, "ocf_yield": 5.8, "gm_median": 26.3, "gm_std": 14.6, "gm_stab": 0.44, "gm_chg_2022": 5.5, "npm_median": 15.6, "roe_median": 11.1, "commodity": false, "hard_ratio": 69.7, "fix_assets": 6.0, "goodwill_ratio": 0.0, "pb_calc": 2.26, "capex_dep": 0.71, "interest_debt": 2.1, "debt_ebitda": 1.9, "debt_ratio": 27.9, "debt_mv": 15.3, "payout": 51.4, "div_years": 3, "rev_cagr3": -25.0, "np_cagr3": -9.8, "rev_yoy": -19.3, "np_yoy": -12.2, "np_vol": 108.0, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.0, "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], ["分布式电站-电费收入", 27.0], ["分布式光伏电站投资运营", 27.0], ["太阳能光伏项目开发及服务收入", 3.0]], "ret_prev_year": 9.9, "ret_prev2_year": 35.7, "ret_ytd": -36.6, "ret_pivot": 117.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 56, "pricing": 40, "hard": 100, "bondness": 54}, "label": "中性", "tags": [], "text": {"像什么": ["PE 32.8 倍、股息率 1.7%、毛利率近 5 年中位 26.3%、固定资产占比 70%、有息负债/EBITDA 1.9 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 70%),没有定价权:毛利率近 5 年中位 26.3%,稳定度 44%。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 3.6%(经营现金流/市值 5.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.3%,稳定度 44%,2020→2022 成本通胀期毛利率变化 5.5 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 70%,资本开支/折旧 0.71 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.8 倍 粗算,约 85%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "行业对照": ["同申万二级「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "艾能聚:PE 比行业中位低 8.2倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位高 8.5个百分点;固定资产占比 比行业中位高 47.1个百分点。"]}}