{"F": {"ts_code": "US.DRD", "name": "DRDGOLD", "mkt": "US", "ccy": "美元", "sw1": "黄金", "sw2": "黄金", "sw3": "", "ind": "黄金", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": true, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 28.58, "pe_ttm": 9.345, "pb": 3.111, "dv_ttm": 1.93, "total_mv": 247902.26265999998, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [53.5], "rev_series": [6.8], "np_series": [2.6], "roe_series": [39.3], "rev_ttm": 6.8, "np_ttm": 2.6, "ocf_ttm": 3.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 14.0, "gm_median": 53.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 38.1, "roe_median": 39.3, "commodity": true, "hard_ratio": 18.5, "fix_assets": 1.6, "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": 3.9, "debt_ratio": 26.9, "debt_mv": null, "payout": 18.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 52.9, "np_yoy": 104.9, "np_vol": null, "loss_years": 0, "far_share": 46.0, "earn_yield": 10.7, "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": -7.0, "ret_20": 20.9, "ret_60": 30.4, "ret_120": -6.5, "ret_250": 35.5, "mdd_250": null, "vol_250": null, "pos_52w": 73.3, "eps": 3.058}, "S": {"duration": 21, "pricing": 70, "hard": 30, "bondness": 31}, "label": "定价权·品牌", "tags": ["商品定价"], "text": {"像什么": ["没有硬资产(固定资产占比 18%)但有定价权:毛利率最新年报 53.5%、ROE 最新年报 39.3%。", "经营现金流/市值 14.0%,分红率 18%,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 53.5%),硬资产占比 18%。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。 注意:金矿股不等于黄金,有运营杠杆和自身成本通胀,对冲美元信用直接买黄金 ETF 更纯。", "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 14.0%(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 53.5%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 18%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 9.3 倍 粗算,约 46%(1 − 5/PE)。中等。"]], "价格行为": "近一年 36%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 21% / 30% / -6%。", "行业对照": ["同富途行业「黄金」53 家中位:PE 14.2 / 股息率 0.0% / 毛利率 50.2% / 固定资产占比 55% / 分红率 6%。", "DRDGOLD:PE 比行业中位低 4.9倍;股息率 比行业中位高 1.9个百分点;毛利率 比行业中位高 3.3个百分点;固定资产占比 比行业中位低 36.9个百分点。"]}}