{"F": {"ts_code": "HK.00991", "name": "大唐发电", "mkt": "HK", "ccy": "港元", "sw1": "常规电力", "sw2": "常规电力", "sw3": "", "ind": "常规电力", "fin_source": "futu", "market": "主板", "list_date": "19970321", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.605, "pe_ttm": 5.853, "pb": 1.111, "dv_ttm": 6.41, "total_mv": 4820998.086292, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [null], "rev_series": [1348.5], "np_series": [113.0], "roe_series": [23.7], "rev_ttm": 1348.5, "np_ttm": 97.7, "ocf_ttm": 232.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 48.2, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 8.4, "roe_median": 23.7, "commodity": false, "hard_ratio": 72.3, "fix_assets": 2606.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 369.9, "debt_ratio": 70.1, "debt_mv": null, "payout": 38.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 2.7, "np_yoy": 53.9, "np_vol": null, "loss_years": 0, "far_share": 15.0, "earn_yield": 17.1, "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": 23.9, "ret_20": 5.3, "ret_60": -6.1, "ret_120": -0.3, "ret_250": 35.5, "mdd_250": null, "vol_250": null, "pos_52w": 74.4, "eps": 0.358}, "S": {"duration": 14, "pricing": 32, "hard": 100, "bondness": 56}, "label": "中性", "tags": ["股息率≥4%"], "text": {"像什么": ["PE 5.9 倍、股息率 6.4%、毛利率最新年报 —、固定资产占比 72%、资产负债率 70%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 72%,但价格受管制(常规电力: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 48.2%(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 72%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.9 倍 粗算,约 15%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 36%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 5% / -6% / -0%。", "行业对照": ["同富途行业「常规电力」11 家中位:PE 7.2 / 股息率 5.1% / 毛利率 15.2% / 固定资产占比 63% / 分红率 52%。", "大唐发电:PE 比行业中位低 1.3倍;股息率 比行业中位高 1.3个百分点;毛利率 ;固定资产占比 比行业中位高 9.7个百分点。"]}}