{"F": {"ts_code": "US.CHA", "name": "霸王茶姬", "mkt": "US", "ccy": "美元", "sw1": "餐厅", "sw2": "餐厅", "sw3": "", "ind": "餐厅", "fin_source": "futu", "market": "NASDAQ", "list_date": "20250417", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.66, "pe_ttm": 12.222, "pb": 1.82, "dv_ttm": 0.0, "total_mv": 222430.03811599998, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [45.8], "rev_series": [18.4], "np_series": [1.7], "roe_series": [22.7], "rev_ttm": 18.4, "np_ttm": 2.0, "ocf_ttm": 1.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 8.1, "gm_median": 45.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.2, "roe_median": 22.7, "commodity": false, "hard_ratio": 8.3, "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": 2.1, "debt_ratio": 33.9, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 8.6, "np_yoy": -50.8, "np_vol": null, "loss_years": 0, "far_share": 59.0, "earn_yield": 8.2, "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": 0.3, "ret_20": 14.5, "ret_60": -0.5, "ret_120": 5.1, "ret_250": -27.3, "mdd_250": null, "vol_250": null, "pos_52w": 67.4, "eps": 0.885}, "S": {"duration": 26, "pricing": 55, "hard": 13, "bondness": 13}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 8%,毛利率最新年报 45.8%,经营现金流/市值 8.1%: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 45.8%),硬资产占比 8%。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 8.1%(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 45.8%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 8%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.2 倍 粗算,约 59%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -27%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 14% / -0% / 5%。", "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%。", "霸王茶姬:PE 比行业中位低 12.4倍;股息率 与行业中位持平;毛利率 比行业中位高 17.0个百分点;固定资产占比 比行业中位低 35.1个百分点。"]}}