{"F": {"ts_code": "US.SOBO", "name": "South Bow", "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": "20241003", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 37.05, "pe_ttm": 16.84, "pb": 2.899, "dv_ttm": 5.4, "total_mv": 772819.010535, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [71.8], "rev_series": [19.9], "np_series": [4.3], "roe_series": [16.3], "rev_ttm": 19.9, "np_ttm": 4.6, "ocf_ttm": 8.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 10.9, "gm_median": 71.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 21.8, "roe_median": 16.3, "commodity": true, "hard_ratio": 49.6, "fix_assets": 55.8, "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": 10.8, "debt_ratio": 75.8, "debt_mv": null, "payout": 91.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -6.3, "np_yoy": 37.0, "np_vol": null, "loss_years": 0, "far_share": 70.0, "earn_yield": 5.9, "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": 42.9, "ret_20": 4.0, "ret_60": 1.1, "ret_120": 15.6, "ret_250": 51.3, "mdd_250": null, "vol_250": null, "pos_52w": 95.0, "eps": 2.07}, "S": {"duration": 34, "pricing": 70, "hard": 79, "bondness": 75}, "label": "成长兑现", "tags": ["现金流红利", "商品定价", "股息率≥4%"], "text": {"像什么": ["盈利在追估值:最新净利润同比 37%,PE TTM 16.8 倍,历史 PEG(PE ÷ 最新增速)0.46。", "经营现金流 8.4 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 71.8% 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 10.9%(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 71.8%。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 16.8 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 51%,现价在 52 周高点的 95%;近 20 / 60 / 120 日 4% / 1% / 16%。", "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%。", "South Bow:PE 比行业中位高 2.8倍;股息率 比行业中位高 1.7个百分点;毛利率 比行业中位高 38.4个百分点;固定资产占比 比行业中位高 2.1个百分点。"]}}