{"F": {"ts_code": "US.ABEV", "name": "Ambev SA", "mkt": "US", "ccy": "美元", "sw1": "啤酒", "sw2": "啤酒", "sw3": "", "ind": "啤酒", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.02, "pe_ttm": 14.876, "pb": 2.694, "dv_ttm": 5.1, "total_mv": 4656839.563308001, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [51.4], "rev_series": [161.1], "np_series": [29.2], "roe_series": [16.6], "rev_ttm": 161.1, "np_ttm": 30.4, "ocf_ttm": 52.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 11.2, "gm_median": 51.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 18.1, "roe_median": 16.6, "commodity": false, "hard_ratio": 27.3, "fix_assets": 72.0, "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": 52.9, "debt_ratio": 38.8, "debt_mv": null, "payout": 76.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 11.3, "np_yoy": 21.5, "np_vol": null, "loss_years": 0, "far_share": 66.0, "earn_yield": 6.7, "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": 22.6, "ret_20": 0.7, "ret_60": -2.6, "ret_120": 4.4, "ret_250": 44.2, "mdd_250": null, "vol_250": null, "pos_52w": 87.8, "eps": 0.194}, "S": {"duration": 31, "pricing": 58, "hard": 44, "bondness": 70}, "label": "定价权·品牌", "tags": ["成长兑现", "现金流红利", "股息率≥4%"], "text": {"像什么": ["没有硬资产(固定资产占比 27%)但有定价权:毛利率最新年报 51.4%、ROE 最新年报 16.6%。", "经营现金流/市值 11.2%,分红率 76%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 51.4%),硬资产占比 27%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 11.2%(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 51.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 27%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.9 倍 粗算,约 66%(1 − 5/PE)。中等。"]], "价格行为": "近一年 44%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 1% / -3% / 4%。", "行业对照": ["同富途行业「啤酒」8 家中位:PE 17.3 / 股息率 3.6% / 毛利率 46.5% / 固定资产占比 26% / 分红率 58%。", "Ambev SA:PE 比行业中位低 2.4倍;股息率 比行业中位高 1.5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 1.2个百分点。"]}}