{"F": {"ts_code": "US.ATI", "name": "ATI Inc", "mkt": "US", "ccy": "美元", "sw1": "金属加工", "sw2": "金属加工", "sw3": "", "ind": "金属加工", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 210.65, "pe_ttm": 61.774, "pb": 15.284, "dv_ttm": 0.0, "total_mv": 2868429.117895, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [22.0], "rev_series": [45.9], "np_series": [4.2], "roe_series": [22.1], "rev_ttm": 45.9, "np_ttm": 4.8, "ocf_ttm": 8.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 2.8, "gm_median": 22.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.1, "roe_median": 22.1, "commodity": false, "hard_ratio": 39.2, "fix_assets": 20.2, "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": 8.0, "debt_ratio": 62.4, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 5.2, "np_yoy": 9.4, "np_vol": null, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.6, "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": 83.6, "ret_20": -7.5, "ret_60": 14.9, "ret_120": 42.8, "ret_250": 171.8, "mdd_250": null, "vol_250": null, "pos_52w": 86.5, "eps": 2.85}, "S": {"duration": 79, "pricing": 43, "hard": 63, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 61.8 倍、股息率 0.0%、毛利率最新年报 22.0%、固定资产占比 39%、资产负债率 62%: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 39%),没有定价权:毛利率最新年报 22.0%。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 2.8%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 22.0%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 39%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 61.8 倍 粗算,约 92%(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 172%,现价在 52 周高点的 86%;近 20 / 60 / 120 日 -8% / 15% / 43%。", "行业对照": ["同富途行业「金属加工」17 家中位:PE 19.9 / 股息率 0.0% / 毛利率 22.5% / 固定资产占比 36% / 分红率 8%。", "ATI Inc:PE 比行业中位高 41.9倍;股息率 与行业中位持平;毛利率 比行业中位低 0.5个百分点;固定资产占比 比行业中位高 3.2个百分点。"]}}