{"F": {"ts_code": "US.BTI", "name": "英美烟草", "mkt": "US", "ccy": "美元", "sw1": "烟草", "sw2": "烟草", "sw3": "", "ind": "烟草", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 55.35, "pe_ttm": 14.073, "pb": 1.821, "dv_ttm": 5.89, "total_mv": 11920467.832875, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [83.5], "rev_series": [344.9], "np_series": [104.6], "roe_series": [15.7], "rev_ttm": 344.9, "np_ttm": 83.7, "ocf_ttm": 98.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 8.3, "gm_median": 83.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 30.3, "roe_median": 15.7, "commodity": false, "hard_ratio": 4.0, "fix_assets": 59.0, "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": 189.3, "debt_ratio": 55.9, "debt_mv": null, "payout": 83.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 6.2, "np_yoy": 162.0, "np_vol": null, "loss_years": 0, "far_share": 64.0, "earn_yield": 7.1, "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": 0.5, "ret_20": -6.7, "ret_60": -8.2, "ret_120": -6.6, "ret_250": 4.4, "mdd_250": null, "vol_250": null, "pos_52w": 83.4, "eps": 4.721}, "S": {"duration": 30, "pricing": 74, "hard": 6, "bondness": 72}, "label": "定价权·品牌", "tags": ["成长兑现", "轻资产现金牛", "现金流红利", "股息率≥4%"], "text": {"像什么": ["没有硬资产(固定资产占比 4%)但有定价权:毛利率最新年报 83.5%、ROE 最新年报 15.7%。", "经营现金流/市值 8.3%,分红率 83%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 83.5%),硬资产占比 4%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 8.3%(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 83.5%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 4%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.1 倍 粗算,约 64%(1 − 5/PE)。中等。"]], "价格行为": "近一年 4%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 -7% / -8% / -7%。", "行业对照": ["同富途行业「烟草」11 家中位:PE 21.2 / 股息率 0.4% / 毛利率 56.1% / 固定资产占比 7% / 分红率 87%。", "英美烟草:PE 比行业中位低 7.1倍;股息率 比行业中位高 5.5个百分点;毛利率 比行业中位高 27.4个百分点;固定资产占比 比行业中位低 2.6个百分点。"]}}