{"F": {"ts_code": "US.ARW", "name": "艾睿", "mkt": "US", "ccy": "美元", "sw1": "电子与计算机分销", "sw2": "电子与计算机分销", "sw3": "", "ind": "电子与计算机分销", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 215.97, "pe_ttm": 13.8, "pb": 1.569, "dv_ttm": 0.0, "total_mv": 1099404.420531, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [11.2], "rev_series": [308.5], "np_series": [5.7], "roe_series": [9.3], "rev_ttm": 308.5, "np_ttm": 8.1, "ocf_ttm": 9.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 8.5, "gm_median": 11.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 1.8, "roe_median": 9.3, "commodity": false, "hard_ratio": 3.7, "fix_assets": 9.4, "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": 10.7, "debt_ratio": 77.1, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 10.5, "np_yoy": 44.8, "np_vol": null, "loss_years": 0, "far_share": 64.0, "earn_yield": 7.2, "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": 96.0, "ret_20": 6.1, "ret_60": 0.2, "ret_120": 53.1, "ret_250": 71.3, "mdd_250": null, "vol_250": null, "pos_52w": 91.0, "eps": 10.93}, "S": {"duration": 29, "pricing": 38, "hard": 6, "bondness": 13}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 45%,PE TTM 13.8 倍,历史 PEG(PE ÷ 最新增速)0.31。", "经营现金流 9.4 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 4%,毛利率最新年报 11.2%。", "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 8.5%(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 11.2%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 4%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.8 倍 粗算,约 64%(1 − 5/PE)。中等。"]], "价格行为": "近一年 71%,现价在 52 周高点的 91%;近 20 / 60 / 120 日 6% / 0% / 53%。", "行业对照": ["同富途行业「电子与计算机分销」8 家中位:PE 20.6 / 股息率 0.1% / 毛利率 12.4% / 固定资产占比 3% / 分红率 4%。", "艾睿:PE 比行业中位低 6.8倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 1.2个百分点;固定资产占比 比行业中位高 0.9个百分点。"]}}