{"F": {"ts_code": "US.CPK", "name": "切萨皮克气业", "mkt": "US", "ccy": "美元", "sw1": "受监管天然气", "sw2": "受监管天然气", "sw3": "", "ind": "受监管天然气", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 132.66, "pe_ttm": 21.191, "pb": 1.911, "dv_ttm": 2.1, "total_mv": 319796.23203, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [41.4], "rev_series": [9.3], "np_series": [1.4], "roe_series": [9.4], "rev_ttm": 9.3, "np_ttm": 1.5, "ocf_ttm": 3.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.6, "gm_median": 41.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 15.1, "roe_median": 9.4, "commodity": false, "hard_ratio": 46.8, "fix_assets": 17.7, "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": 3.7, "debt_ratio": 60.0, "debt_mv": null, "payout": 45.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 18.1, "np_yoy": 18.3, "np_vol": null, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.7, "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": 7.5, "ret_20": -0.9, "ret_60": 7.2, "ret_120": 2.3, "ret_250": 10.0, "mdd_250": null, "vol_250": null, "pos_52w": 94.2, "eps": 5.97}, "S": {"duration": 41, "pricing": 53, "hard": 75, "bondness": 41}, "label": "中性", "tags": [], "text": {"像什么": ["PE 21.2 倍、股息率 2.1%、毛利率最新年报 41.4%、固定资产占比 47%、资产负债率 60%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 47%、毛利率 41.4% 看起来两条都占,但价格受管制(受监管天然气: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 9.6%(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 41.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 47%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.2 倍 粗算,约 76%(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 10%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 -1% / 7% / 2%。", "行业对照": ["同富途行业「受监管天然气」15 家中位:PE 16.8 / 股息率 3.6% / 毛利率 41.4% / 固定资产占比 48% / 分红率 56%。", "切萨皮克气业:PE 比行业中位高 4.4倍;股息率 比行业中位低 1.5个百分点;毛利率 与行业中位持平;固定资产占比 比行业中位低 0.9个百分点。"]}}