{"F": {"ts_code": "HK.03996", "name": "中国能源建设", "mkt": "HK", "ccy": "港元", "sw1": "环保工程", "sw2": "环保工程", "sw3": "", "ind": "环保工程", "fin_source": "futu", "market": "主板", "list_date": "20151210", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.045, "pe_ttm": 7.572, "pb": 0.339, "dv_ttm": 3.44, "total_mv": 4623099.1488935, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [12.2], "rev_series": [5037.0], "np_series": [108.5], "roe_series": [5.0], "rev_ttm": 5037.0, "np_ttm": 60.6, "ocf_ttm": 3.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 0.7, "gm_median": 12.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.2, "roe_median": 5.0, "commodity": false, "hard_ratio": 9.6, "fix_assets": 950.4, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 275.6, "debt_ratio": 77.7, "debt_mv": null, "payout": 26.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 8.4, "np_yoy": -13.7, "np_vol": null, "loss_years": 0, "far_share": 34.0, "earn_yield": 13.2, "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": 2.0, "ret_20": -2.8, "ret_60": -7.9, "ret_120": -29.6, "ret_250": -15.3, "mdd_250": null, "vol_250": null, "pos_52w": 69.0, "eps": 0.146}, "S": {"duration": 17, "pricing": 38, "hard": 15, "bondness": 43}, "label": "中性", "tags": [], "text": {"像什么": ["PE 7.6 倍、股息率 3.4%、毛利率最新年报 12.2%、固定资产占比 10%、资产负债率 78%:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 10%,毛利率最新年报 12.2%。", "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 0.7%(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 12.2%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 10%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.6 倍 粗算,约 34%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -15%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 -3% / -8% / -30%。", "行业对照": ["同富途行业「环保工程」29 家中位:PE 9.0 / 股息率 0.0% / 毛利率 22.0% / 固定资产占比 18% / 分红率 25%。", "中国能源建设:PE 比行业中位低 1.4倍;股息率 比行业中位高 3.4个百分点;毛利率 比行业中位低 9.8个百分点;固定资产占比 比行业中位低 8.7个百分点。"]}}