{"F": {"ts_code": "US.PAM", "name": "Pampa Energia", "mkt": "US", "ccy": "美元", "sw1": "综合企业", "sw2": "综合企业", "sw3": "", "ind": "综合企业", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 84.8, "pe_ttm": 7.709, "pb": 1.128, "dv_ttm": 0.0, "total_mv": 454559.94416, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [31.5], "rev_series": [20.0], "np_series": [3.8], "roe_series": [11.0], "rev_ttm": 20.0, "np_ttm": 5.7, "ocf_ttm": 6.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 13.5, "gm_median": 31.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 18.9, "roe_median": 11.0, "commodity": false, "hard_ratio": 38.3, "fix_assets": 24.7, "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": 11.8, "debt_ratio": 45.3, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 6.5, "np_yoy": -38.9, "np_vol": null, "loss_years": 0, "far_share": 35.0, "earn_yield": 13.0, "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": -4.2, "ret_20": 3.0, "ret_60": 1.4, "ret_120": 5.7, "ret_250": 49.8, "mdd_250": null, "vol_250": null, "pos_52w": 89.7, "eps": 7.0}, "S": {"duration": 18, "pricing": 48, "hard": 61, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 7.7 倍、股息率 0.0%、毛利率最新年报 31.5%、固定资产占比 38%、资产负债率 45%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 38%、毛利率 31.5% 两条都占,但所在行业(综合企业)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 13.5%(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 31.5%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 38%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.7 倍 粗算,约 35%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 50%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 3% / 1% / 6%。", "行业对照": ["同富途行业「综合企业」26 家中位:PE 10.2 / 股息率 0.0% / 毛利率 29.9% / 固定资产占比 20% / 分红率 8%。", "Pampa Energia:PE 比行业中位低 2.5倍;股息率 与行业中位持平;毛利率 比行业中位高 1.6个百分点;固定资产占比 比行业中位高 18.3个百分点。"]}}