{"F": {"ts_code": "US.CTVA", "name": "Corteva", "mkt": "US", "ccy": "美元", "sw1": "农业投入品", "sw2": "农业投入品", "sw3": "", "ind": "农业投入品", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 87.86, "pe_ttm": 57.424, "pb": 2.329, "dv_ttm": 0.82, "total_mv": 5861984.056, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [47.3], "rev_series": [174.0], "np_series": [11.1], "roe_series": [4.6], "rev_ttm": 174.0, "np_ttm": 10.1, "ocf_ttm": 12.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 2.1, "gm_median": 47.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.3, "roe_median": 4.6, "commodity": true, "hard_ratio": 11.1, "fix_assets": 46.6, "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": 30.7, "debt_ratio": 43.1, "debt_mv": null, "payout": 47.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 2.9, "np_yoy": 20.2, "np_vol": null, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.7, "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": 32.0, "ret_20": 14.6, "ret_60": 18.2, "ret_120": 11.7, "ret_250": 21.6, "mdd_250": null, "vol_250": null, "pos_52w": 96.7, "eps": 1.6}, "S": {"duration": 76, "pricing": 70, "hard": 18, "bondness": 34}, "label": "中性", "tags": ["商品定价"], "text": {"像什么": ["PE 57.4 倍、股息率 0.8%、毛利率最新年报 47.3%、固定资产占比 11%、资产负债率 43%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 47.3%),硬资产占比 11%。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": "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 2.1%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 47.3%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 11%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 57.4 倍 粗算,约 91%(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 22%,现价在 52 周高点的 97%;近 20 / 60 / 120 日 15% / 18% / 12%。", "行业对照": ["同富途行业「农业投入品」13 家中位:PE 18.3 / 股息率 1.5% / 毛利率 30.6% / 固定资产占比 46% / 分红率 46%。", "Corteva:PE 比行业中位高 39.1倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位高 16.7个百分点;固定资产占比 比行业中位低 34.9个百分点。"]}}