{"F": {"ts_code": "US.CBT", "name": "卡博特", "mkt": "US", "ccy": "美元", "sw1": "特殊化工用品", "sw2": "特殊化工用品", "sw3": "", "ind": "特殊化工用品", "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": 81.48, "pe_ttm": 22.823, "pb": 2.621, "dv_ttm": 2.24, "total_mv": 420689.445036, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [25.3], "rev_series": [37.1], "np_series": [3.8], "roe_series": [21.9], "rev_ttm": 37.1, "np_ttm": 1.9, "ocf_ttm": 5.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 11.8, "gm_median": 25.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 10.1, "roe_median": 21.9, "commodity": false, "hard_ratio": 56.2, "fix_assets": 21.2, "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": 8.0, "debt_ratio": 55.3, "debt_mv": null, "payout": 51.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -7.0, "np_yoy": -11.3, "np_vol": null, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.4, "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": 25.0, "ret_20": -6.5, "ret_60": -1.3, "ret_120": 20.0, "ret_250": 2.9, "mdd_250": null, "vol_250": null, "pos_52w": 86.7, "eps": 6.02}, "S": {"duration": 43, "pricing": 45, "hard": 90, "bondness": 44}, "label": "中性", "tags": [], "text": {"像什么": ["PE 22.8 倍、股息率 2.2%、毛利率最新年报 25.3%、固定资产占比 56%、资产负债率 55%: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 56%),没有定价权:毛利率最新年报 25.3%。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 11.8%(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 25.3%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 56%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.8 倍 粗算,约 78%(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 3%,现价在 52 周高点的 87%;近 20 / 60 / 120 日 -6% / -1% / 20%。", "行业对照": ["同富途行业「特殊化工用品」62 家中位:PE 28.8 / 股息率 0.7% / 毛利率 29.5% / 固定资产占比 28% / 分红率 32%。", "卡博特:PE 比行业中位低 6.0倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位低 4.2个百分点;固定资产占比 比行业中位高 28.2个百分点。"]}}