{"F": {"ts_code": "HK.01816", "name": "中广核电力", "mkt": "HK", "ccy": "港元", "sw1": "核能", "sw2": "核能", "sw3": "", "ind": "核能", "fin_source": "futu", "market": "主板", "list_date": "20141210", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.09, "pe_ttm": 13.672, "pb": 1.095, "dv_ttm": 3.2, "total_mv": 15604136.625888001, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [32.0], "rev_series": [841.8], "np_series": [163.8], "roe_series": [8.1], "rev_ttm": 841.8, "np_ttm": 114.0, "ocf_ttm": 343.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 22.0, "gm_median": 32.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 19.5, "roe_median": 8.1, "commodity": false, "hard_ratio": 55.2, "fix_assets": 2823.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 260.0, "debt_ratio": 65.2, "debt_mv": null, "payout": 44.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 0.2, "np_yoy": -11.8, "np_vol": null, "loss_years": 0, "far_share": 63.0, "earn_yield": 7.3, "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": 9.1, "ret_20": 9.2, "ret_60": 2.0, "ret_120": -8.3, "ret_250": 6.9, "mdd_250": null, "vol_250": null, "pos_52w": 84.2, "eps": 0.214}, "S": {"duration": 29, "pricing": 48, "hard": 88, "bondness": 48}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 44%、股息率 3.2%、最新一年营收增速 0.2%、资产负债率 65%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 55%、毛利率 32.0% 看起来两条都占,但价格受管制(核能: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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 22.0%(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?", "毛利率最新年报 32.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 55%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.7 倍 粗算,约 63%(1 − 5/PE)。中等。"]], "价格行为": "近一年 7%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 9% / 2% / -8%。", "行业对照": []}}