{"F": {"ts_code": "US.FRO", "name": "Frontline", "mkt": "US", "ccy": "美元", "sw1": "油气中游", "sw2": "油气中游", "sw3": "", "ind": "油气中游", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 46.12, "pe_ttm": 6.914, "pb": 3.254, "dv_ttm": 6.79, "total_mv": 1026736.764068, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [32.8], "rev_series": [19.7], "np_series": [3.8], "roe_series": [15.6], "rev_ttm": 19.7, "np_ttm": 14.9, "ocf_ttm": 13.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 13.2, "gm_median": 32.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 19.3, "roe_median": 15.6, "commodity": true, "hard_ratio": 50.5, "fix_assets": 30.2, "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": 9.4, "debt_ratio": 56.4, "debt_mv": null, "payout": 47.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -4.2, "np_yoy": -23.5, "np_vol": null, "loss_years": 0, "far_share": 28.0, "earn_yield": 14.5, "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": 127.6, "ret_20": 16.1, "ret_60": 32.7, "ret_120": 51.2, "ret_250": 121.9, "mdd_250": null, "vol_250": null, "pos_52w": 98.0, "eps": 1.7}, "S": {"duration": 16, "pricing": 70, "hard": 81, "bondness": 59}, "label": "现金流红利", "tags": ["商品定价", "股息率≥4%"], "text": {"像什么": ["分红率 47%、股息率 6.8%、最新一年营收增速 -4.2%、资产负债率 56%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 50%、毛利率 32.8% 看起来两条都占,但价格受管制(油气中游: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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 13.2%(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 32.8%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 50%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.9 倍 粗算,约 28%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 122%,现价在 52 周高点的 98%;近 20 / 60 / 120 日 16% / 33% / 51%。", "行业对照": ["同富途行业「油气中游」57 家中位:PE 14.0 / 股息率 3.7% / 毛利率 33.4% / 固定资产占比 48% / 分红率 58%。", "Frontline:PE 比行业中位低 7.1倍;股息率 比行业中位高 3.1个百分点;毛利率 比行业中位低 0.6个百分点;固定资产占比 比行业中位高 3.0个百分点。"]}}