{"F": {"ts_code": "US.ATAT", "name": "亚朵", "mkt": "US", "ccy": "美元", "sw1": "住宿", "sw2": "住宿", "sw3": "", "ind": "住宿", "fin_source": "futu", "market": "NASDAQ", "list_date": "20221111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 34.36, "pe_ttm": 16.284, "pb": 9.319, "dv_ttm": 2.66, "total_mv": 467444.42145600007, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [44.3], "rev_series": [14.0], "np_series": [2.3], "roe_series": [49.5], "rev_ttm": 14.0, "np_ttm": 2.9, "ocf_ttm": 3.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 7.4, "gm_median": 44.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 16.6, "roe_median": 49.5, "commodity": false, "hard_ratio": 11.7, "fix_assets": 1.4, "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": 3.5, "debt_ratio": 60.9, "debt_mv": null, "payout": 43.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 40.9, "np_yoy": 32.9, "np_vol": null, "loss_years": 0, "far_share": 69.0, "earn_yield": 6.1, "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": -11.4, "ret_20": -2.7, "ret_60": 2.5, "ret_120": -0.1, "ret_250": -12.0, "mdd_250": null, "vol_250": null, "pos_52w": 80.9, "eps": 1.727}, "S": {"duration": 33, "pricing": 54, "hard": 19, "bondness": 44}, "label": "成长兑现", "tags": ["轻资产现金牛"], "text": {"像什么": ["盈利在追估值:最新净利润同比 33%,PE TTM 16.3 倍,历史 PEG(PE ÷ 最新增速)0.49。", "经营现金流 3.4 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": "只占定价权一条(毛利率 44.3%),硬资产占比 12%。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": "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 7.4%(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 44.3%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 12%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.3 倍 粗算,约 69%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -12%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 -3% / 2% / -0%。", "行业对照": ["同富途行业「住宿」11 家中位:PE 26.0 / 股息率 1.1% / 毛利率 29.8% / 固定资产占比 12% / 分红率 39%。", "亚朵:PE 比行业中位低 9.7倍;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位高 14.5个百分点;固定资产占比 比行业中位低 0.6个百分点。"]}}