{"F": {"ts_code": "US.BA", "name": "波音", "mkt": "US", "ccy": "美元", "sw1": "航空航天与国防", "sw2": "航空航天与国防", "sw3": "", "ind": "航空航天与国防", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 212.25, "pe_ttm": 76.348, "pb": 27.529, "dv_ttm": 0.0, "total_mv": 16775603.6745, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [4.8], "rev_series": [894.6], "np_series": [22.4], "roe_series": [246.3], "rev_ttm": 894.6, "np_ttm": 20.9, "ocf_ttm": 36.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 2.2, "gm_median": 4.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.5, "roe_median": 246.3, "commodity": false, "hard_ratio": 11.4, "fix_assets": 184.7, "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": 73.6, "debt_ratio": 96.8, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 34.5, "np_yoy": 118.9, "np_vol": null, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.3, "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": -2.2, "ret_20": -9.5, "ret_60": 1.6, "ret_120": -0.6, "ret_250": -8.1, "mdd_250": null, "vol_250": null, "pos_52w": 83.4, "eps": 2.48}, "S": {"duration": 85, "pricing": 34, "hard": 18, "bondness": 13}, "label": "纯久期", "tags": ["成长兑现"], "text": {"像什么": ["PE TTM 76.3 倍,估值里约 93% 来自 5 年后的假设;固定资产占比 11%,几乎没有重置成本可言。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 11%,毛利率最新年报 4.8%。", "加息期怎么走": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 2.2%(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 4.8%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 11%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 76.3 倍 粗算,约 93%(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 -8%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 -10% / 2% / -1%。", "行业对照": ["同富途行业「航空航天与国防」93 家中位:PE 35.4 / 股息率 0.0% / 毛利率 26.2% / 固定资产占比 13% / 分红率 4%。", "波音:PE 比行业中位高 40.9倍;股息率 与行业中位持平;毛利率 比行业中位低 21.4个百分点;固定资产占比 比行业中位低 1.3个百分点。"]}}