{"F": {"ts_code": "US.DAC", "name": "达那俄斯", "mkt": "US", "ccy": "美元", "sw1": "海运", "sw2": "海运", "sw3": "", "ind": "海运", "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": 155.26, "pe_ttm": 5.255, "pb": 0.696, "dv_ttm": 2.29, "total_mv": 282628.581242, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [58.3], "rev_series": [10.4], "np_series": [4.9], "roe_series": [13.7], "rev_ttm": 10.4, "np_ttm": 5.4, "ocf_ttm": 7.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 25.3, "gm_median": 58.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 47.4, "roe_median": 13.7, "commodity": false, "hard_ratio": 54.6, "fix_assets": 25.8, "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": 7.0, "debt_ratio": 25.8, "debt_mv": null, "payout": 12.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 2.8, "np_yoy": -2.1, "np_vol": null, "loss_years": 0, "far_share": 5.0, "earn_yield": 19.0, "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": 68.6, "ret_20": 10.3, "ret_60": 21.6, "ret_120": 42.2, "ret_250": 67.3, "mdd_250": null, "vol_250": null, "pos_52w": 99.6, "eps": 26.76}, "S": {"duration": 12, "pricing": 61, "hard": 87, "bondness": 31}, "label": "钱的替代品", "tags": [], "text": {"像什么": ["硬资产:固定资产 26 亿,占总资产 55%,重置成本随通胀上升。", "定价权:毛利率最新年报 58.3%。", "当期现金流:经营现金流/市值 25.3%,股息率 2.3%,估值里 5 年后的故事约占 5%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 55%)和定价权(毛利率 58.3% 且稳定)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 25.3%(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 58.3%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 55%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.3 倍 粗算,约 5%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 67%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 10% / 22% / 42%。 钱的替代品是体制切换的 β:过去一年已经跑过,加仓看信号。", "行业对照": ["同富途行业「海运」39 家中位:PE 7.1 / 股息率 0.6% / 毛利率 26.5% / 固定资产占比 51% / 分红率 18%。", "达那俄斯:PE 比行业中位低 1.8倍;股息率 比行业中位高 1.7个百分点;毛利率 比行业中位高 31.8个百分点;固定资产占比 比行业中位高 3.8个百分点。"]}}