{"F": {"ts_code": "US.HESM", "name": "Hess Midstream", "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": "20170405", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 39.91, "pe_ttm": 13.762, "pb": 9.955, "dv_ttm": 7.6, "total_mv": 512248.366071, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [86.5], "rev_series": [16.2], "np_series": [6.8], "roe_series": [64.2], "rev_ttm": 16.2, "np_ttm": 3.8, "ocf_ttm": 10.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 20.2, "gm_median": 86.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 42.2, "roe_median": 64.2, "commodity": true, "hard_ratio": 61.4, "fix_assets": 26.2, "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": 12.4, "debt_ratio": 90.0, "debt_mv": null, "payout": 105.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 8.4, "np_yoy": 3.9, "np_vol": null, "loss_years": 0, "far_share": 64.0, "earn_yield": 7.3, "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": 23.1, "ret_20": 0.3, "ret_60": 5.0, "ret_120": 5.6, "ret_250": 8.4, "mdd_250": null, "vol_250": null, "pos_52w": 97.4, "eps": 2.86}, "S": {"duration": 29, "pricing": 70, "hard": 98, "bondness": 78}, "label": "现金流红利", "tags": ["商品定价", "股息率≥4%"], "text": {"像什么": ["分红率 105%、股息率 7.6%、最新一年营收增速 8.4%、资产负债率 90%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 61%、毛利率 86.5% 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 20.2%(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 86.5%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 61%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.8 倍 粗算,约 64%(1 − 5/PE)。中等。"]], "价格行为": "近一年 8%,现价在 52 周高点的 97%;近 20 / 60 / 120 日 0% / 5% / 6%。", "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%。", "Hess Midstream:PE 比行业中位低 0.2倍;股息率 比行业中位高 3.9个百分点;毛利率 比行业中位高 53.1个百分点;固定资产占比 比行业中位高 13.9个百分点。"]}}