{"F": {"ts_code": "US.TK", "name": "Teekay", "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": 13.63, "pe_ttm": 6.584, "pb": 1.571, "dv_ttm": 0.0, "total_mv": 119523.33730999999, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [27.5], "rev_series": [9.5], "np_series": [3.5], "roe_series": [13.7], "rev_ttm": 9.5, "np_ttm": 1.8, "ocf_ttm": 5.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 44.8, "gm_median": 27.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 37.1, "roe_median": 13.7, "commodity": true, "hard_ratio": 36.4, "fix_assets": 8.2, "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": 4.4, "debt_ratio": 8.4, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -22.2, "np_yoy": -12.4, "np_vol": null, "loss_years": 0, "far_share": 24.0, "earn_yield": 15.2, "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": 63.2, "ret_20": 20.4, "ret_60": 14.3, "ret_120": 29.6, "ret_250": 71.1, "mdd_250": null, "vol_250": null, "pos_52w": 98.3, "eps": 1.13}, "S": {"duration": 15, "pricing": 70, "hard": 58, "bondness": 13}, "label": "中性", "tags": ["商品定价"], "text": {"像什么": ["PE 6.6 倍、股息率 0.0%、毛利率最新年报 27.5%、固定资产占比 36%、资产负债率 8%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 36%、毛利率 27.5% 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": "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 44.8%(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 27.5%。取决于竞争。"], ["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 6.6 倍 粗算,约 24%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 71%,现价在 52 周高点的 98%;近 20 / 60 / 120 日 20% / 14% / 30%。", "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%。", "Teekay:PE 比行业中位低 7.4倍;股息率 比行业中位低 3.7个百分点;毛利率 比行业中位低 5.9个百分点;固定资产占比 比行业中位低 11.1个百分点。"]}}