{"F": {"ts_code": "US.AWI", "name": "阿姆斯特朗工业", "mkt": "US", "ccy": "美元", "sw1": "建筑产品与设备", "sw2": "建筑产品与设备", "sw3": "", "ind": "建筑产品与设备", "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": 173.33, "pe_ttm": 23.743, "pb": 8.283, "dv_ttm": 0.76, "total_mv": 732541.5630579999, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [40.6], "rev_series": [16.2], "np_series": [3.1], "roe_series": [37.2], "rev_ttm": 16.2, "np_ttm": 3.2, "ocf_ttm": 3.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 4.9, "gm_median": 40.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 19.0, "roe_median": 37.2, "commodity": false, "hard_ratio": 36.9, "fix_assets": 6.9, "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": 5.5, "debt_ratio": 53.2, "debt_mv": null, "payout": 18.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 12.1, "np_yoy": 16.5, "np_vol": null, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.2, "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": -8.8, "ret_20": -6.6, "ret_60": 14.1, "ret_120": 3.9, "ret_250": -11.3, "mdd_250": null, "vol_250": null, "pos_52w": 84.6, "eps": 7.08}, "S": {"duration": 45, "pricing": 52, "hard": 59, "bondness": 24}, "label": "钱的替代品", "tags": [], "text": {"像什么": ["硬资产:固定资产 7 亿,占总资产 37%,重置成本随通胀上升。", "定价权:毛利率最新年报 40.6%。", "当期现金流:经营现金流/市值 4.9%,股息率 0.8%,估值里 5 年后的故事约占 79%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 37%)和定价权(毛利率 40.6% 且稳定)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 4.9%(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 40.6%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 37%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.7 倍 粗算,约 79%(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 85%;近 20 / 60 / 120 日 -7% / 14% / 4%。 钱的替代品是体制切换的 β:过去一年没动,若信号亮起弹性在这。", "行业对照": ["同富途行业「建筑产品与设备」37 家中位:PE 26.2 / 股息率 0.0% / 毛利率 31.6% / 固定资产占比 17% / 分红率 16%。", "阿姆斯特朗工业:PE 比行业中位低 2.5倍;股息率 比行业中位高 0.8个百分点;毛利率 比行业中位高 9.0个百分点;固定资产占比 比行业中位高 19.8个百分点。"]}}