{"F": {"ts_code": "US.HE", "name": "夏威夷电力实业", "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": 11.09, "pe_ttm": 8.596, "pb": 1.086, "dv_ttm": 0.0, "total_mv": 191555.356436, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [7.6], "rev_series": [30.9], "np_series": [1.3], "roe_series": [8.0], "rev_ttm": 30.9, "np_ttm": 2.2, "ocf_ttm": -1.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -7.5, "gm_median": 7.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 4.1, "roe_median": 8.0, "commodity": false, "hard_ratio": 54.2, "fix_assets": 48.4, "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": 5.8, "debt_ratio": 82.0, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -4.1, "np_yoy": 108.9, "np_vol": null, "loss_years": 0, "far_share": 42.0, "earn_yield": 11.6, "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": -9.8, "ret_20": -10.6, "ret_60": -15.1, "ret_120": -25.0, "ret_250": -6.6, "mdd_250": null, "vol_250": null, "pos_52w": 63.8, "eps": 0.71}, "S": {"duration": 19, "pricing": 36, "hard": 87, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 8.6 倍、股息率 0.0%、毛利率最新年报 7.6%、固定资产占比 54%、资产负债率 82%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 54%),没有定价权:毛利率最新年报 7.6%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -7.5%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 7.6%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 54%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.6 倍 粗算,约 42%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -7%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -11% / -15% / -25%。", "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%。", "夏威夷电力实业:PE 比行业中位低 10.4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 37.4个百分点;固定资产占比 比行业中位高 4.2个百分点。"]}}