{"F": {"ts_code": "US.ENOV", "name": "Enovis Corp", "mkt": "US", "ccy": "美元", "sw1": "医疗设备", "sw2": "医疗设备", "sw3": "", "ind": "医疗设备", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.56, "pe_ttm": -0.961, "pb": 0.724, "dv_ttm": 0.0, "total_mv": 107034.580864, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [59.8], "rev_series": [22.5], "np_series": [-11.8], "roe_series": [-58.5], "rev_ttm": 22.5, "np_ttm": -11.0, "ocf_ttm": 2.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 25.2, "gm_median": 59.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -52.6, "roe_median": -58.5, "commodity": false, "hard_ratio": 10.3, "fix_assets": 4.4, "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": -8.3, "debt_ratio": 61.1, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 6.7, "np_yoy": -43.5, "np_vol": null, "loss_years": 1, "far_share": 100, "earn_yield": null, "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": -30.3, "ret_20": -30.3, "ret_60": -15.5, "ret_120": -20.0, "ret_250": -40.9, "mdd_250": null, "vol_250": null, "pos_52w": 54.1, "eps": -20.75}, "S": {"duration": 100, "pricing": 62, "hard": 16, "bondness": 13}, "label": "轻资产现金牛", "tags": ["亏损或困境"], "text": {"像什么": ["固定资产占比 10%,毛利率最新年报 59.8%,经营现金流/市值 25.2%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 59.8%),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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 25.2%(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 59.8%。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 为负 粗算,约 100%(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 -41%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -30% / -16% / -20%。", "行业对照": ["同富途行业「医疗设备」144 家中位:PE 26.7 / 股息率 0.0% / 毛利率 57.5% / 固定资产占比 10% / 分红率 0%。", "Enovis Corp:PE 比行业中位低 27.7倍;股息率 与行业中位持平;毛利率 比行业中位高 2.3个百分点;固定资产占比 比行业中位高 0.7个百分点。"]}}