{"F": {"ts_code": "HK.03633", "name": "中裕能源", "mkt": "HK", "ccy": "港元", "sw1": "燃气供应", "sw2": "燃气供应", "sw3": "", "ind": "燃气供应", "fin_source": "futu", "market": "主板", "list_date": "20010605", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.67, "pe_ttm": 31.411, "pb": 0.906, "dv_ttm": 1.12, "total_mv": 719368.796919, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [13.1], "rev_series": [124.4], "np_series": [2.5], "roe_series": [3.4], "rev_ttm": 124.4, "np_ttm": 2.3, "ocf_ttm": 13.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 18.6, "gm_median": 13.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.0, "roe_median": 3.4, "commodity": false, "hard_ratio": 60.3, "fix_assets": 156.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 11.0, "debt_ratio": 67.5, "debt_mv": null, "payout": 35.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -7.6, "np_yoy": 25.9, "np_vol": null, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "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": -2.2, "ret_20": 7.7, "ret_60": 1.1, "ret_120": -8.9, "ret_250": -28.2, "mdd_250": null, "vol_250": null, "pos_52w": 39.1, "eps": 0.092}, "S": {"duration": 54, "pricing": 39, "hard": 96, "bondness": 32}, "label": "中性", "tags": [], "text": {"像什么": ["PE 31.4 倍、股息率 1.1%、毛利率最新年报 13.1%、固定资产占比 60%、资产负债率 68%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 60%),没有定价权:毛利率最新年报 13.1%。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": "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 18.6%(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 13.1%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 60%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.4 倍 粗算,约 84%(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 -28%,现价在 52 周高点的 39%;近 20 / 60 / 120 日 8% / 1% / -9%。", "行业对照": ["同富途行业「燃气供应」20 家中位:PE 10.1 / 股息率 4.6% / 毛利率 12.4% / 固定资产占比 45% / 分红率 45%。", "中裕能源:PE 比行业中位高 21.3倍;股息率 比行业中位低 3.5个百分点;毛利率 比行业中位高 0.7个百分点;固定资产占比 比行业中位高 15.3个百分点。"]}}