{"F": {"ts_code": "US.SRE", "name": "桑普拉能源", "mkt": "US", "ccy": "美元", "sw1": "多元化公用事业", "sw2": "多元化公用事业", "sw3": "", "ind": "多元化公用事业", "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": 84.04, "pe_ttm": 24.289, "pb": 1.681, "dv_ttm": 3.1, "total_mv": 5495378.524592, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [46.6], "rev_series": [137.0], "np_series": [20.7], "roe_series": [5.8], "rev_ttm": 137.0, "np_ttm": 22.6, "ocf_ttm": 54.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.9, "gm_median": 46.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 15.1, "roe_median": 5.8, "commodity": false, "hard_ratio": 36.2, "fix_assets": 374.4, "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": 52.6, "debt_ratio": 62.1, "debt_mv": null, "payout": 75.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 3.9, "np_yoy": -40.8, "np_vol": null, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.1, "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": -3.5, "ret_20": 0.2, "ret_60": -7.0, "ret_120": -11.2, "ret_250": 8.9, "mdd_250": null, "vol_250": null, "pos_52w": 83.8, "eps": 2.75}, "S": {"duration": 46, "pricing": 55, "hard": 58, "bondness": 58}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 75%、股息率 3.1%、最新一年营收增速 3.9%、资产负债率 62%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 36%、毛利率 46.6% 看起来两条都占,但价格受管制(多元化公用事业: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 9.9%(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 46.6%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 36%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.3 倍 粗算,约 79%(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 9%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 0% / -7% / -11%。", "行业对照": ["同富途行业「多元化公用事业」6 家中位:PE 20.7 / 股息率 4.7% / 毛利率 44.0% / 固定资产占比 41% / 分红率 73%。", "桑普拉能源:PE 比行业中位高 3.6倍;股息率 比行业中位低 1.6个百分点;毛利率 比行业中位高 2.6个百分点;固定资产占比 比行业中位低 4.8个百分点。"]}}