{"F": {"ts_code": "US.EHLD", "name": "Euroholdings", "mkt": "US", "ccy": "美元", "sw1": "海运", "sw2": "海运", "sw3": "", "ind": "海运", "fin_source": "futu", "market": "NASDAQ", "list_date": "20250307", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.515, "pe_ttm": 3.457, "pb": 1.248, "dv_ttm": 6.08, "total_mv": 3243.3321725, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [51.0], "rev_series": [0.1], "np_series": [0.1], "roe_series": [111.7], "rev_ttm": 0.1, "np_ttm": 0.1, "ocf_ttm": 0.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 32.6, "gm_median": 51.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 111.2, "roe_median": 111.7, "commodity": false, "hard_ratio": 55.7, "fix_assets": 0.1, "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": 0.2, "debt_ratio": 53.0, "debt_mv": null, "payout": 21.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -15.4, "np_yoy": 289.8, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 28.9, "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": 75.5, "ret_20": 37.9, "ret_60": 32.7, "ret_120": 63.6, "ret_250": 68.6, "mdd_250": null, "vol_250": null, "pos_52w": 94.8, "eps": 5.24}, "S": {"duration": 8, "pricing": 58, "hard": 89, "bondness": 50}, "label": "钱的替代品", "tags": ["股息率≥4%"], "text": {"像什么": ["硬资产:固定资产 0 亿,占总资产 56%,重置成本随通胀上升。", "定价权:毛利率最新年报 51.0%。", "当期现金流:经营现金流/市值 32.6%,股息率 6.1%,估值里 5 年后的故事约占 0%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 56%)和定价权(毛利率 51.0% 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 32.6%(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 51.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 56%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 3.5 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 69%,现价在 52 周高点的 95%;近 20 / 60 / 120 日 38% / 33% / 64%。 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%。", "Euroholdings:PE 比行业中位低 3.6倍;股息率 比行业中位高 5.5个百分点;毛利率 比行业中位高 24.5个百分点;固定资产占比 比行业中位高 4.9个百分点。"]}}