{"F": {"ts_code": "US.AWX", "name": "Avalon控股", "mkt": "US", "ccy": "美元", "sw1": "废物管理", "sw2": "废物管理", "sw3": "", "ind": "废物管理", "fin_source": "futu", "market": "AMEX", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.61, "pe_ttm": 8.7, "pb": 0.267, "dv_ttm": 0.0, "total_mv": 1017.751491, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [19.5], "rev_series": [0.8], "np_series": [-0.0], "roe_series": [0.8], "rev_ttm": 0.8, "np_ttm": 0.0, "ocf_ttm": 0.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 34.2, "gm_median": 19.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -0.1, "roe_median": 0.8, "commodity": false, "hard_ratio": 63.8, "fix_assets": 0.6, "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": 0.1, "debt_ratio": 57.7, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -0.3, "np_yoy": -110.4, "np_vol": null, "loss_years": 0, "far_share": 43.0, "earn_yield": 11.5, "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": -3.0, "ret_20": 0.4, "ret_60": 4.8, "ret_120": 2.0, "ret_250": 8.8, "mdd_250": null, "vol_250": null, "pos_52w": 48.1, "eps": 0.08}, "S": {"duration": 20, "pricing": 42, "hard": 100, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 8.7 倍、股息率 0.0%、毛利率最新年报 19.5%、固定资产占比 64%、资产负债率 58%: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 64%),没有定价权:毛利率最新年报 19.5%。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 34.2%(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 19.5%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 64%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.7 倍 粗算,约 43%(1 − 5/PE)。中等。"]], "价格行为": "近一年 9%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 0% / 5% / 2%。", "行业对照": ["同富途行业「废物管理」21 家中位:PE 19.8 / 股息率 0.0% / 毛利率 26.2% / 固定资产占比 36% / 分红率 0%。", "Avalon控股:PE 比行业中位低 11.1倍;股息率 与行业中位持平;毛利率 比行业中位低 6.7个百分点;固定资产占比 比行业中位高 27.6个百分点。"]}}