{"F": {"ts_code": "US.BUD", "name": "百威英博", "mkt": "US", "ccy": "美元", "sw1": "啤酒", "sw2": "啤酒", "sw3": "", "ind": "啤酒", "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": 80.35, "pe_ttm": 17.316, "pb": 1.694, "dv_ttm": 1.68, "total_mv": 15846089.08889, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [55.9], "rev_series": [593.2], "np_series": [84.8], "roe_series": [8.3], "rev_ttm": 593.2, "np_ttm": 93.3, "ocf_ttm": 174.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 11.0, "gm_median": 55.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 14.3, "roe_median": 8.3, "commodity": false, "hard_ratio": 13.3, "fix_assets": 282.6, "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": 208.4, "debt_ratio": 55.3, "debt_mv": null, "payout": 29.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -0.7, "np_yoy": 14.3, "np_vol": null, "loss_years": 0, "far_share": 71.0, "earn_yield": 5.8, "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": 27.3, "ret_20": -4.1, "ret_60": -1.1, "ret_120": 11.8, "ret_250": 37.6, "mdd_250": null, "vol_250": null, "pos_52w": 92.8, "eps": 3.39}, "S": {"duration": 35, "pricing": 60, "hard": 21, "bondness": 33}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 13%,毛利率最新年报 55.9%,经营现金流/市值 11.0%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 55.9%),硬资产占比 13%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 11.0%(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 55.9%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 13%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.3 倍 粗算,约 71%(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 38%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 -4% / -1% / 12%。", "行业对照": ["同富途行业「啤酒」8 家中位:PE 17.3 / 股息率 3.6% / 毛利率 46.5% / 固定资产占比 26% / 分红率 58%。", "百威英博:PE 与行业中位持平;股息率 比行业中位低 1.9个百分点;毛利率 比行业中位高 9.4个百分点;固定资产占比 比行业中位低 12.8个百分点。"]}}