{"F": {"ts_code": "HK.00611", "name": "中国核能科技", "mkt": "HK", "ccy": "港元", "sw1": "非传统/可再生能源", "sw2": "非传统/可再生能源", "sw3": "", "ind": "非传统/可再生能源", "fin_source": "futu", "market": "主板", "list_date": "19930212", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.45, "pe_ttm": 5.357, "pb": 0.38, "dv_ttm": 0.0, "total_mv": 83341.66239, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [37.7], "rev_series": [15.3], "np_series": [2.0], "roe_series": [10.8], "rev_ttm": 15.3, "np_ttm": 1.5, "ocf_ttm": 10.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 129.1, "gm_median": 37.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 12.9, "roe_median": 10.8, "commodity": false, "hard_ratio": 60.7, "fix_assets": 70.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 4.8, "debt_ratio": 82.4, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 11.4, "np_yoy": 55.1, "np_vol": null, "loss_years": 0, "far_share": 7.0, "earn_yield": 18.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": -16.7, "ret_20": -6.2, "ret_60": -8.2, "ret_120": -10.0, "ret_250": -6.2, "mdd_250": null, "vol_250": null, "pos_52w": 63.4, "eps": 0.113}, "S": {"duration": 13, "pricing": 51, "hard": 97, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 5.4 倍、股息率 0.0%、毛利率最新年报 37.7%、固定资产占比 61%、资产负债率 82%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 61%、毛利率 37.7% 看起来两条都占,但价格受管制(非传统/可再生能源: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?", "经营现金流/市值 129.1%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率最新年报 37.7%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 61%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.4 倍 粗算,约 7%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -6%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -6% / -8% / -10%。", "行业对照": ["同富途行业「非传统/可再生能源」27 家中位:PE 7.0 / 股息率 0.9% / 毛利率 34.5% / 固定资产占比 34% / 分红率 36%。", "中国核能科技:PE 比行业中位低 1.6倍;股息率 比行业中位低 0.9个百分点;毛利率 比行业中位高 3.2个百分点;固定资产占比 比行业中位高 27.2个百分点。"]}}