{"F": {"ts_code": "US.CEPU", "name": "Central Puerto", "mkt": "US", "ccy": "美元", "sw1": "受监管电力", "sw2": "受监管电力", "sw3": "", "ind": "受监管电力", "fin_source": "futu", "market": "NYSE", "list_date": "20180202", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.04, "pe_ttm": 6.493, "pb": 1.071, "dv_ttm": 0.0, "total_mv": 210580.678152, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [35.8], "rev_series": [7.6], "np_series": [2.4], "roe_series": [14.1], "rev_ttm": 7.6, "np_ttm": 3.1, "ocf_ttm": 2.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 12.3, "gm_median": 35.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 32.2, "roe_median": 14.1, "commodity": false, "hard_ratio": 61.7, "fix_assets": 18.3, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 4.6, "debt_ratio": 28.7, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -19.8, "np_yoy": 210.9, "np_vol": null, "loss_years": 0, "far_share": 23.0, "earn_yield": 15.4, "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": -19.8, "ret_20": 0.4, "ret_60": -7.0, "ret_120": -5.7, "ret_250": 82.9, "mdd_250": null, "vol_250": null, "pos_52w": 75.9, "eps": 1.529}, "S": {"duration": 15, "pricing": 50, "hard": 99, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 6.5 倍、股息率 0.0%、毛利率最新年报 35.8%、固定资产占比 62%、资产负债率 29%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 62%、毛利率 35.8% 看起来两条都占,但价格受管制(受监管电力: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": "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 12.3%(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 35.8%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 62%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.5 倍 粗算,约 23%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 83%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 0% / -7% / -6%。", "行业对照": ["同富途行业「受监管电力」43 家中位:PE 19.0 / 股息率 3.2% / 毛利率 45.0% / 固定资产占比 50% / 分红率 66%。", "Central Puerto:PE 比行业中位低 12.5倍;股息率 比行业中位低 3.2个百分点;毛利率 比行业中位低 9.2个百分点;固定资产占比 比行业中位高 11.7个百分点。"]}}