{"F": {"ts_code": "HK.03768", "name": "滇池水务", "mkt": "HK", "ccy": "港元", "sw1": "水务", "sw2": "水务", "sw3": "", "ind": "水务", "fin_source": "futu", "market": "主板", "list_date": "20170406", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.385, "pe_ttm": 3.13, "pb": 0.062, "dv_ttm": 0.0, "total_mv": 39620.7735, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [47.8], "rev_series": [16.5], "np_series": [2.2], "roe_series": [3.7], "rev_ttm": 16.5, "np_ttm": 1.3, "ocf_ttm": -5.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -128.5, "gm_median": 47.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 13.3, "roe_median": 3.7, "commodity": false, "hard_ratio": 17.7, "fix_assets": 25.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 7.2, "debt_ratio": 59.5, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -3.0, "np_yoy": -22.0, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 31.9, "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": -51.9, "ret_20": -24.5, "ret_60": -33.6, "ret_120": -40.8, "ret_250": -48.0, "mdd_250": null, "vol_250": null, "pos_52w": 42.8, "eps": 0.211}, "S": {"duration": 8, "pricing": 56, "hard": 28, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 3.1 倍、股息率 0.0%、毛利率最新年报 47.8%、固定资产占比 18%、资产负债率 60%: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 47.8%),硬资产占比 18%。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 -128.5%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 47.8%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 18%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 3.1 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -48%,现价在 52 周高点的 43%;近 20 / 60 / 120 日 -24% / -34% / -41%。", "行业对照": ["同富途行业「水务」15 家中位:PE 5.3 / 股息率 0.7% / 毛利率 36.5% / 固定资产占比 6% / 分红率 35%。", "滇池水务:PE 比行业中位低 2.2倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位高 11.3个百分点;固定资产占比 比行业中位高 11.9个百分点。"]}}