{"F": {"ts_code": "US.ALC", "name": "Alcon", "mkt": "US", "ccy": "美元", "sw1": "医疗设备和用品", "sw2": "医疗设备和用品", "sw3": "", "ind": "医疗设备和用品", "fin_source": "futu", "market": "NYSE", "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": 70.5, "pe_ttm": 53.816, "pb": 1.578, "dv_ttm": 0.5, "total_mv": 3407970.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [55.2], "rev_series": [104.0], "np_series": [9.8], "roe_series": [4.5], "rev_ttm": 104.0, "np_ttm": 6.4, "ocf_ttm": 23.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.8, "gm_median": 55.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.4, "roe_median": 4.5, "commodity": false, "hard_ratio": 6.5, "fix_assets": 20.1, "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": 27.0, "debt_ratio": 100.0, "debt_mv": null, "payout": 27.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 4.9, "np_yoy": -3.7, "np_vol": null, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.9, "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": -10.1, "ret_20": -1.8, "ret_60": 6.6, "ret_120": -8.9, "ret_250": -11.4, "mdd_250": null, "vol_250": null, "pos_52w": 80.8, "eps": 1.98}, "S": {"duration": 74, "pricing": 60, "hard": 10, "bondness": 25}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 6%,毛利率最新年报 55.2%,经营现金流/市值 6.8%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 55.2%),硬资产占比 6%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 6.8%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 55.2%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 6%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 53.8 倍 粗算,约 91%(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 -11%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 -2% / 7% / -9%。", "行业对照": ["同富途行业「医疗设备和用品」51 家中位:PE 36.9 / 股息率 0.0% / 毛利率 53.5% / 固定资产占比 13% / 分红率 0%。", "Alcon:PE 比行业中位高 16.9倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 1.7个百分点;固定资产占比 比行业中位低 6.9个百分点。"]}}