{"F": {"ts_code": "US.EIX", "name": "爱迪生国际", "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": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 56.77, "pe_ttm": 5.858, "pb": 1.252, "dv_ttm": 6.09, "total_mv": 2184588.9587830002, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [48.1], "rev_series": [193.2], "np_series": [47.0], "roe_series": [28.8], "rev_ttm": 193.2, "np_ttm": 37.5, "ocf_ttm": 63.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 29.3, "gm_median": 48.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 24.3, "roe_median": 28.8, "commodity": false, "hard_ratio": 43.0, "fix_assets": 386.1, "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": 107.7, "debt_ratio": 79.5, "debt_mv": null, "payout": 36.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 9.8, "np_yoy": 204.1, "np_vol": null, "loss_years": 0, "far_share": 15.0, "earn_yield": 17.1, "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": -1.7, "ret_20": -17.3, "ret_60": -19.7, "ret_120": -20.3, "ret_250": 12.4, "mdd_250": null, "vol_250": null, "pos_52w": 69.6, "eps": 11.55}, "S": {"duration": 14, "pricing": 56, "hard": 69, "bondness": 56}, "label": "中性", "tags": ["股息率≥4%"], "text": {"像什么": ["PE 5.9 倍、股息率 6.1%、毛利率最新年报 48.1%、固定资产占比 43%、资产负债率 80%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 43%、毛利率 48.1% 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 29.3%(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 48.1%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 43%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.9 倍 粗算,约 15%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 12%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -17% / -20% / -20%。", "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%。", "爱迪生国际:PE 比行业中位低 13.1倍;股息率 比行业中位高 2.9个百分点;毛利率 比行业中位高 3.1个百分点;固定资产占比 比行业中位低 7.0个百分点。"]}}