{"F": {"ts_code": "US.AKAM", "name": "阿克迈", "mkt": "US", "ccy": "美元", "sw1": "软件基础设施", "sw2": "软件基础设施", "sw3": "", "ind": "软件基础设施", "fin_source": "futu", "market": "NASDAQ", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 105.22, "pe_ttm": 38.123, "pb": 3.184, "dv_ttm": 0.0, "total_mv": 1512186.1598979998, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [58.9], "rev_series": [42.1], "np_series": [4.5], "roe_series": [9.2], "rev_ttm": 42.1, "np_ttm": 4.1, "ocf_ttm": 14.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.6, "gm_median": 58.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 10.7, "roe_median": 9.2, "commodity": false, "hard_ratio": 31.1, "fix_assets": 34.0, "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": 13.4, "debt_ratio": 56.6, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 5.4, "np_yoy": -10.5, "np_vol": null, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "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": 20.6, "ret_20": -4.8, "ret_60": -19.0, "ret_120": -0.2, "ret_250": 33.4, "mdd_250": null, "vol_250": null, "pos_52w": 63.6, "eps": 3.07}, "S": {"duration": 61, "pricing": 61, "hard": 50, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 38.1 倍、股息率 0.0%、毛利率最新年报 58.9%、固定资产占比 31%、资产负债率 57%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 31%、毛利率 58.9% 两条都占,但所在行业(软件基础设施)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 9.6%(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 58.9%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 31%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.1 倍 粗算,约 87%(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 33%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -5% / -19% / -0%。", "行业对照": ["同富途行业「软件基础设施」176 家中位:PE 24.0 / 股息率 0.0% / 毛利率 56.4% / 固定资产占比 4% / 分红率 0%。", "阿克迈:PE 比行业中位高 14.1倍;股息率 与行业中位持平;毛利率 比行业中位高 2.5个百分点;固定资产占比 比行业中位高 26.7个百分点。"]}}