{"F": {"ts_code": "HK.00916", "name": "龙源电力", "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": "20091210", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.345, "pe_ttm": 10.647, "pb": 0.505, "dv_ttm": 3.39, "total_mv": 4468321.739658, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [null], "rev_series": [336.4], "np_series": [62.5], "roe_series": [6.4], "rev_ttm": 336.4, "np_ttm": 42.2, "ocf_ttm": 263.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 59.0, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 18.6, "roe_median": 6.4, "commodity": false, "hard_ratio": 70.9, "fix_assets": 2033.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 264.7, "debt_ratio": 66.6, "debt_mv": null, "payout": 36.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 0.5, "np_yoy": -29.9, "np_vol": null, "loss_years": 0, "far_share": 53.0, "earn_yield": 9.4, "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": -18.6, "ret_20": -2.6, "ret_60": -13.4, "ret_120": -34.2, "ret_250": -18.1, "mdd_250": null, "vol_250": null, "pos_52w": 62.9, "eps": 0.614}, "S": {"duration": 23, "pricing": 32, "hard": 100, "bondness": 46}, "label": "中性", "tags": [], "text": {"像什么": ["PE 10.6 倍、股息率 3.4%、毛利率最新年报 —、固定资产占比 71%、资产负债率 67%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 71%,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),毛利率也不披露。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 59.0%(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?", "毛利率未披露(公用事业 / 地产 / 综合企业常见)。价格受管制,不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 71%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.6 倍 粗算,约 53%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -18%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -3% / -13% / -34%。", "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%。", "龙源电力:PE 比行业中位高 3.6倍;股息率 比行业中位高 2.5个百分点;毛利率 ;固定资产占比 比行业中位高 37.4个百分点。"]}}