{"F": {"ts_code": "US.LNG", "name": "Cheniere Energy", "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": 292.0, "pe_ttm": 22.121, "pb": 9.741, "dv_ttm": 0.74, "total_mv": 6030797.4136, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [47.7], "rev_series": [199.8], "np_series": [67.9], "roe_series": [78.3], "rev_ttm": 199.8, "np_ttm": 29.2, "ocf_ttm": 61.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 10.2, "gm_median": 47.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 34.0, "roe_median": 78.3, "commodity": true, "hard_ratio": 49.6, "fix_assets": 227.6, "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": 105.6, "debt_ratio": 72.7, "debt_mv": null, "payout": 16.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 27.2, "np_yoy": 51.2, "np_vol": null, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.5, "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": 51.3, "ret_20": 14.2, "ret_60": 21.0, "ret_120": 16.7, "ret_250": 26.3, "mdd_250": null, "vol_250": null, "pos_52w": 97.5, "eps": 24.13}, "S": {"duration": 42, "pricing": 70, "hard": 79, "bondness": 23}, "label": "成长兑现", "tags": ["商品定价"], "text": {"像什么": ["盈利在追估值:最新净利润同比 51%,PE TTM 22.1 倍,历史 PEG(PE ÷ 最新增速)0.43。", "经营现金流 61.4 亿(正),没有一致预期数据,风险在增速能否延续。"], "为什么(不)算钱的替代品": "硬资产占比 50%、毛利率 47.7% 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": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 10.2%(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 47.7%。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 22.1 倍 粗算,约 77%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 26%,现价在 52 周高点的 98%;近 20 / 60 / 120 日 14% / 21% / 17%。", "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%。", "Cheniere Energy:PE 比行业中位高 8.1倍;股息率 比行业中位低 3.0个百分点;毛利率 比行业中位高 14.3个百分点;固定资产占比 比行业中位高 2.1个百分点。"]}}