{"F": {"ts_code": "US.AMRZ", "name": "Amrize", "mkt": "US", "ccy": "美元", "sw1": "建筑材料", "sw2": "建筑材料", "sw3": "", "ind": "建筑材料", "fin_source": "futu", "market": "NYSE", "list_date": "20250623", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 43.82, "pe_ttm": 19.51, "pb": 1.862, "dv_ttm": 0.0, "total_mv": 2396628.1720080003, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [25.7], "rev_series": [118.2], "np_series": [11.8], "roe_series": [10.2], "rev_ttm": 118.2, "np_ttm": 12.3, "ocf_ttm": 21.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.1, "gm_median": 25.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 10.0, "roe_median": 10.2, "commodity": false, "hard_ratio": 35.6, "fix_assets": 85.4, "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": 28.1, "debt_ratio": 45.3, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 0.9, "np_yoy": -7.1, "np_vol": null, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.1, "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": -18.0, "ret_20": -5.8, "ret_60": -13.0, "ret_120": -21.3, "ret_250": -19.4, "mdd_250": null, "vol_250": null, "pos_52w": 67.3, "eps": 2.143}, "S": {"duration": 39, "pricing": 45, "hard": 57, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 19.5 倍、股息率 0.0%、毛利率最新年报 25.7%、固定资产占比 36%、资产负债率 45%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 36%),没有定价权:毛利率最新年报 25.7%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 9.1%(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 25.7%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 36%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.5 倍 粗算,约 74%(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 -19%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 -6% / -13% / -21%。", "行业对照": ["同富途行业「建筑材料」17 家中位:PE 19.6 / 股息率 0.2% / 毛利率 29.5% / 固定资产占比 42% / 分红率 8%。", "Amrize:PE 比行业中位低 0.1倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 3.8个百分点;固定资产占比 比行业中位低 6.6个百分点。"]}}