{"F": {"ts_code": "US.DBI", "name": "Designer Brands", "mkt": "US", "ccy": "美元", "sw1": "鞋类及配饰", "sw2": "鞋类及配饰", "sw3": "", "ind": "鞋类及配饰", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.26, "pe_ttm": 23.909, "pb": 0.95, "dv_ttm": 2.85, "total_mv": 26708.743554, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [43.6], "rev_series": [28.9], "np_series": [-0.1], "roe_series": [-3.0], "rev_ttm": 28.9, "np_ttm": 0.1, "ocf_ttm": 1.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 40.5, "gm_median": 43.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -0.2, "roe_median": -3.0, "commodity": false, "hard_ratio": 47.1, "fix_assets": 9.3, "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": 1.1, "debt_ratio": 85.2, "debt_mv": null, "payout": 68.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -3.9, "np_yoy": 44.1, "np_vol": null, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.2, "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": -28.0, "ret_20": -19.7, "ret_60": -24.3, "ret_120": -0.2, "ret_250": 31.6, "mdd_250": null, "vol_250": null, "pos_52w": 57.8, "eps": -0.17}, "S": {"duration": 45, "pricing": 54, "hard": 75, "bondness": 54}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 44%,PE TTM 23.9 倍,历史 PEG(PE ÷ 最新增速)0.54。", "经营现金流 1.1 亿(正),没有一致预期数据,风险在增速能否延续。"], "为什么(不)算钱的替代品": "硬资产占比 47%、毛利率 43.6% 两条都占,但所在行业(鞋类及配饰)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "加息期怎么走": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 40.5%(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 43.6%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 47%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.9 倍 粗算,约 79%(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 32%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -20% / -24% / -0%。", "行业对照": ["同富途行业「鞋类及配饰」14 家中位:PE 16.0 / 股息率 0.0% / 毛利率 45.0% / 固定资产占比 14% / 分红率 17%。", "Designer Brands:PE 比行业中位高 7.9倍;股息率 比行业中位高 2.9个百分点;毛利率 比行业中位低 1.4个百分点;固定资产占比 比行业中位高 32.7个百分点。"]}}