{"F": {"ts_code": "US.CWT", "name": "California Water Service Group", "mkt": "US", "ccy": "美元", "sw1": "受监管自来水", "sw2": "受监管自来水", "sw3": "", "ind": "受监管自来水", "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": 50.03, "pe_ttm": 22.434, "pb": 1.711, "dv_ttm": 2.54, "total_mv": 309381.02230300003, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [64.3], "rev_series": [10.0], "np_series": [1.3], "roe_series": [7.7], "rev_ttm": 10.0, "np_ttm": 1.3, "ocf_ttm": 3.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 10.6, "gm_median": 64.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 12.8, "roe_median": 7.7, "commodity": false, "hard_ratio": 51.8, "fix_assets": 28.1, "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": 3.6, "debt_ratio": 70.2, "debt_mv": null, "payout": 57.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -3.5, "np_yoy": -32.7, "np_vol": null, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.5, "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": 18.0, "ret_20": -0.3, "ret_60": 9.3, "ret_120": 12.7, "ret_250": 11.1, "mdd_250": null, "vol_250": null, "pos_52w": 93.6, "eps": 2.15}, "S": {"duration": 43, "pricing": 64, "hard": 83, "bondness": 48}, "label": "中性", "tags": [], "text": {"像什么": ["PE 22.4 倍、股息率 2.5%、毛利率最新年报 64.3%、固定资产占比 52%、资产负债率 70%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 52%、毛利率 64.3% 看起来两条都占,但价格受管制(受监管自来水: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 10.6%(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 64.3%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 52%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.4 倍 粗算,约 78%(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 11%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 -0% / 9% / 13%。", "行业对照": ["同富途行业「受监管自来水」12 家中位:PE 22.5 / 股息率 2.6% / 毛利率 59.2% / 固定资产占比 52% / 分红率 56%。", "California Water Service Group:PE 比行业中位低 0.1倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 5.1个百分点;固定资产占比 与行业中位持平。"]}}