{"F": {"ts_code": "US.SWX", "name": "Southwest Gas Holdings", "mkt": "US", "ccy": "美元", "sw1": "受监管天然气", "sw2": "受监管天然气", "sw3": "", "ind": "受监管天然气", "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": 88.06, "pe_ttm": 11.663, "pb": 1.546, "dv_ttm": 2.84, "total_mv": 637958.1815180001, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [46.3], "rev_series": [19.4], "np_series": [4.4], "roe_series": [11.8], "rev_ttm": 19.4, "np_ttm": 5.5, "ocf_ttm": 4.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 7.0, "gm_median": 46.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 22.4, "roe_median": 11.8, "commodity": false, "hard_ratio": 51.4, "fix_assets": 57.8, "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": 8.6, "debt_ratio": 62.0, "debt_mv": null, "payout": 33.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -21.6, "np_yoy": 112.5, "np_vol": null, "loss_years": 0, "far_share": 57.0, "earn_yield": 8.6, "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": 12.4, "ret_20": -3.7, "ret_60": -0.1, "ret_120": 1.2, "ret_250": 17.0, "mdd_250": null, "vol_250": null, "pos_52w": 93.9, "eps": 6.08}, "S": {"duration": 25, "pricing": 55, "hard": 82, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 11.7 倍、股息率 2.8%、毛利率最新年报 46.3%、固定资产占比 51%、资产负债率 62%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 51%、毛利率 46.3% 看起来两条都占,但价格受管制(受监管天然气: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": "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 7.0%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 46.3%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 51%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.7 倍 粗算,约 57%(1 − 5/PE)。中等。"]], "价格行为": "近一年 17%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 -4% / -0% / 1%。", "行业对照": ["同富途行业「受监管天然气」15 家中位:PE 16.8 / 股息率 3.6% / 毛利率 41.4% / 固定资产占比 48% / 分红率 56%。", "Southwest Gas Holdings:PE 比行业中位低 5.1倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位高 4.9个百分点;固定资产占比 比行业中位高 3.7个百分点。"]}}