{"F": {"ts_code": "US.BRCB", "name": "黑岩咖啡吧", "mkt": "US", "ccy": "美元", "sw1": "餐厅", "sw2": "餐厅", "sw3": "", "ind": "餐厅", "fin_source": "futu", "market": "NASDAQ", "list_date": "20250912", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.58, "pe_ttm": 309.032, "pb": 3.894, "dv_ttm": 0.0, "total_mv": 21274.935406, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [29.3], "rev_series": [2.0], "np_series": [-0.0], "roe_series": [-0.3], "rev_ttm": 2.0, "np_ttm": 0.0, "ocf_ttm": 0.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.1, "gm_median": 29.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -0.1, "roe_median": -0.3, "commodity": false, "hard_ratio": 41.8, "fix_assets": 1.1, "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": 68.9, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 24.5, "np_yoy": 97.7, "np_vol": null, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.3, "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": -56.9, "ret_20": 30.3, "ret_60": 48.5, "ret_120": -40.9, "ret_250": -52.1, "mdd_250": null, "vol_250": null, "pos_52w": 31.5, "eps": -0.003}, "S": {"duration": 100, "pricing": 47, "hard": 67, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 309.0 倍、股息率 0.0%、毛利率最新年报 29.3%、固定资产占比 42%、资产负债率 69%: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 42%),没有定价权:毛利率最新年报 29.3%。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 6.1%(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 29.3%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 42%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 309.0 倍 粗算,约 98%(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 -52%,现价在 52 周高点的 32%;近 20 / 60 / 120 日 30% / 48% / -41%。", "行业对照": ["同富途行业「餐厅」53 家中位:PE 24.6 / 股息率 0.0% / 毛利率 28.8% / 固定资产占比 43% / 分红率 17%。", "黑岩咖啡吧:PE 比行业中位高 284.4倍;股息率 与行业中位持平;毛利率 比行业中位高 0.5个百分点;固定资产占比 比行业中位低 1.6个百分点。"]}}