{"F": {"ts_code": "US.KEP", "name": "韩国电力", "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": 11.94, "pe_ttm": 2.653, "pb": 0.413, "dv_ttm": 4.07, "total_mv": 1533010.215876, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [16.4], "rev_series": [671.1], "np_series": [60.2], "roe_series": [19.4], "rev_ttm": 671.1, "np_ttm": 51.7, "ocf_ttm": 61.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 40.1, "gm_median": 16.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.0, "roe_median": 19.4, "commodity": false, "hard_ratio": 67.4, "fix_assets": 1162.8, "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": 206.5, "debt_ratio": 80.7, "debt_mv": null, "payout": 11.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 6.6, "np_yoy": 144.6, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 37.7, "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": -27.6, "ret_20": -4.4, "ret_60": 0.3, "ret_120": -26.6, "ret_250": -9.6, "mdd_250": null, "vol_250": null, "pos_52w": 51.0, "eps": 4.905}, "S": {"duration": 6, "pricing": 40, "hard": 100, "bondness": 41}, "label": "中性", "tags": ["股息率≥4%"], "text": {"像什么": ["PE 2.7 倍、股息率 4.1%、毛利率最新年报 16.4%、固定资产占比 67%、资产负债率 81%: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 67%),没有定价权:毛利率最新年报 16.4%。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 40.1%(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 16.4%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 67%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 2.7 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -10%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 -4% / 0% / -27%。", "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%。", "韩国电力:PE 比行业中位低 16.3倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位低 28.6个百分点;固定资产占比 比行业中位高 17.4个百分点。"]}}