{"F": {"ts_code": "US.TRP", "name": "TC Energy", "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": 62.61, "pe_ttm": 25.861, "pb": 3.527, "dv_ttm": 3.89, "total_mv": 6522502.535856, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [50.2], "rev_series": [111.3], "np_series": [29.9], "roe_series": [13.6], "rev_ttm": 111.3, "np_ttm": 24.8, "ocf_ttm": 61.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.4, "gm_median": 50.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 26.9, "roe_median": 13.6, "commodity": true, "hard_ratio": 48.9, "fix_assets": 413.3, "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": 80.7, "debt_ratio": 68.9, "debt_mv": null, "payout": 101.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 16.0, "np_yoy": -20.2, "np_vol": null, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.9, "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": 18.3, "ret_20": -1.0, "ret_60": -7.3, "ret_120": 1.2, "ret_250": 31.2, "mdd_250": null, "vol_250": null, "pos_52w": 88.3, "eps": 2.37}, "S": {"duration": 48, "pricing": 70, "hard": 78, "bondness": 71}, "label": "现金流红利", "tags": ["商品定价"], "text": {"像什么": ["分红率 101%、股息率 3.9%、最新一年营收增速 16.0%、资产负债率 69%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 49%、毛利率 50.2% 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": "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 9.4%(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 50.2%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 49%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.9 倍 粗算,约 81%(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 31%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 -1% / -7% / 1%。", "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%。", "TC Energy:PE 比行业中位高 11.9倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 16.8个百分点;固定资产占比 比行业中位高 1.4个百分点。"]}}