{"F": {"ts_code": "US.DOCU", "name": "DocuSign", "mkt": "US", "ccy": "美元", "sw1": "应用软件", "sw2": "应用软件", "sw3": "", "ind": "应用软件", "fin_source": "futu", "market": "NASDAQ", "list_date": "20180427", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 68.41, "pe_ttm": 41.713, "pb": 7.601, "dv_ttm": 0.0, "total_mv": 1306252.063328, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [79.4], "rev_series": [32.2], "np_series": [3.1], "roe_series": [15.8], "rev_ttm": 32.2, "np_ttm": 3.3, "ocf_ttm": 13.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 10.1, "gm_median": 79.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.6, "roe_median": 15.8, "commodity": false, "hard_ratio": 9.7, "fix_assets": 4.0, "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": 4.7, "debt_ratio": 54.7, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 8.2, "np_yoy": -71.1, "np_vol": null, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "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": 0.0, "ret_20": 13.5, "ret_60": 51.6, "ret_120": 46.1, "ret_250": -16.3, "mdd_250": null, "vol_250": null, "pos_52w": 79.0, "eps": 1.48}, "S": {"duration": 65, "pricing": 72, "hard": 16, "bondness": 13}, "label": "定价权·品牌", "tags": ["轻资产现金牛"], "text": {"像什么": ["没有硬资产(固定资产占比 10%)但有定价权:毛利率最新年报 79.4%、ROE 最新年报 15.8%。", "经营现金流/市值 10.1%,分红率 0%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 79.4%),硬资产占比 10%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 10.1%(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 79.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 10%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.7 倍 粗算,约 88%(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 -16%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 14% / 52% / 46%。", "行业对照": ["同富途行业「应用软件」229 家中位:PE 27.1 / 股息率 0.0% / 毛利率 67.2% / 固定资产占比 4% / 分红率 0%。", "DocuSign:PE 比行业中位高 14.6倍;股息率 与行业中位持平;毛利率 比行业中位高 12.2个百分点;固定资产占比 比行业中位高 6.1个百分点。"]}}