{"F": {"ts_code": "HK.00300", "name": "美的集团", "mkt": "HK", "ccy": "港元", "sw1": "家庭电器", "sw2": "家庭电器", "sw3": "", "ind": "家庭电器", "fin_source": "futu", "market": "主板", "list_date": "20240917", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 100.8, "pe_ttm": 15.051, "pb": 3.137, "dv_ttm": 4.87, "total_mv": 76901118.01344, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [26.2], "rev_series": [5099.0], "np_series": [495.1], "roe_series": [20.2], "rev_ttm": 5099.0, "np_ttm": 509.3, "ocf_ttm": 618.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 8.0, "gm_median": 26.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.7, "roe_median": 20.2, "commodity": false, "hard_ratio": 7.3, "fix_assets": 487.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 628.1, "debt_ratio": 61.2, "debt_mv": null, "payout": 73.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 17.2, "np_yoy": 20.1, "np_vol": null, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.6, "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": 25.1, "ret_20": 5.3, "ret_60": 16.8, "ret_120": 22.5, "ret_250": 31.4, "mdd_250": null, "vol_250": null, "pos_52w": 99.1, "eps": 6.377}, "S": {"duration": 31, "pricing": 45, "hard": 12, "bondness": 68}, "label": "成长兑现", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["盈利在追估值:最新净利润同比 20%,PE TTM 15.1 倍,历史 PEG(PE ÷ 最新增速)0.75。", "经营现金流 618.8 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": "两条都不占:固定资产占比 7%,毛利率最新年报 26.2%。", "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 8.0%(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 26.2%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 7%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.1 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 31%,现价在 52 周高点的 99%;近 20 / 60 / 120 日 5% / 17% / 22%。", "行业对照": ["同富途行业「家庭电器」16 家中位:PE 12.1 / 股息率 5.2% / 毛利率 23.6% / 固定资产占比 15% / 分红率 64%。", "美的集团:PE 比行业中位高 3.0倍;股息率 比行业中位低 0.3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 7.9个百分点。"]}}