{"F": {"ts_code": "HK.00987", "name": "中国再生能源投资", "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": "20020604", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.205, "pe_ttm": -25.625, "pb": 0.273, "dv_ttm": 17.07, "total_mv": 51376.228012, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [26.6], "rev_series": [1.7], "np_series": [0.2], "roe_series": [1.0], "rev_ttm": 1.7, "np_ttm": -0.2, "ocf_ttm": 1.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 30.3, "gm_median": 26.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.2, "roe_median": 1.0, "commodity": false, "hard_ratio": 33.5, "fix_assets": 7.2, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.4, "debt_ratio": 12.8, "debt_mv": null, "payout": null, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 5.6, "np_yoy": 9.6, "np_vol": null, "loss_years": 1, "far_share": 100, "earn_yield": null, "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": 111.3, "ret_20": 3.5, "ret_60": 15.2, "ret_120": 88.1, "ret_250": 60.2, "mdd_250": null, "vol_250": null, "pos_52w": 91.9, "eps": 0.008}, "S": {"duration": 100, "pricing": 45, "hard": 54, "bondness": 43}, "label": "亏损或困境", "tags": ["股息率≥4%"], "text": {"像什么": ["TTM 归母净利 -0.2 亿;PE 为负,估值指标失真。", "资产负债率 13%,有息负债 —,经营现金流/市值 30.3%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 34%),没有定价权:毛利率最新年报 26.6%。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": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 30.3%(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 26.6%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 34%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 60%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 4% / 15% / 88%。", "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%。", "中国再生能源投资:PE 比行业中位低 32.6倍;股息率 比行业中位高 16.2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 与行业中位持平。"]}}