{"F": {"ts_code": "HK.01407", "name": "交运燃气", "mkt": "HK", "ccy": "港元", "sw1": "油气生产商", "sw2": "油气生产商", "sw3": "", "ind": "油气生产商", "fin_source": "futu", "market": "主板", "list_date": "20221116", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.665, "pe_ttm": 10.555, "pb": 0.802, "dv_ttm": 1.65, "total_mv": 29260.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [19.2], "rev_series": [3.7], "np_series": [0.3], "roe_series": [9.4], "rev_ttm": 3.7, "np_ttm": 0.3, "ocf_ttm": 0.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.3, "gm_median": 19.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 8.6, "roe_median": 9.4, "commodity": true, "hard_ratio": 25.3, "fix_assets": 1.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.5, "debt_ratio": 43.0, "debt_mv": null, "payout": 17.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -5.6, "np_yoy": -0.0, "np_vol": null, "loss_years": 0, "far_share": 53.0, "earn_yield": 9.5, "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": 11.0, "ret_20": 10.8, "ret_60": 19.0, "ret_120": 23.4, "ret_250": 19.0, "mdd_250": null, "vol_250": null, "pos_52w": 81.2, "eps": 0.071}, "S": {"duration": 23, "pricing": 70, "hard": 40, "bondness": 29}, "label": "中性", "tags": ["商品定价"], "text": {"像什么": ["PE 10.6 倍、股息率 1.6%、毛利率最新年报 19.2%、固定资产占比 25%、资产负债率 43%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 19.2%),硬资产占比 25%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 9.3%(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 19.2%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 25%。有一些。"], ["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 19%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 11% / 19% / 23%。", "行业对照": ["同富途行业「油气生产商」22 家中位:PE 12.1 / 股息率 0.0% / 毛利率 7.3% / 固定资产占比 42% / 分红率 0%。", "交运燃气:PE 比行业中位低 1.5倍;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位高 11.9个百分点;固定资产占比 比行业中位低 16.2个百分点。"]}}