{"F": {"ts_code": "US.EQPT", "name": "EquipmentShare.com", "mkt": "US", "ccy": "美元", "sw1": "租赁服务", "sw2": "租赁服务", "sw3": "", "ind": "租赁服务", "fin_source": "futu", "market": "NASDAQ", "list_date": "20260123", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 19.55, "pe_ttm": 197.474, "pb": 4.087, "dv_ttm": 0.0, "total_mv": 495350.007665, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [28.3], "rev_series": [43.8], "np_series": [0.4], "roe_series": [2.8], "rev_ttm": 43.8, "np_ttm": 0.2, "ocf_ttm": 2.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 5.0, "gm_median": 28.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 0.9, "roe_median": 2.8, "commodity": false, "hard_ratio": 41.4, "fix_assets": 22.4, "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": 7.0, "debt_ratio": 91.2, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 16.3, "np_yoy": 1233.3, "np_vol": null, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.5, "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": -20.2, "ret_20": -4.4, "ret_60": 6.0, "ret_120": -21.8, "ret_250": -20.2, "mdd_250": null, "vol_250": null, "pos_52w": 55.1, "eps": 0.011}, "S": {"duration": 99, "pricing": 46, "hard": 66, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 197.5 倍、股息率 0.0%、毛利率最新年报 28.3%、固定资产占比 41%、资产负债率 91%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 41%),没有定价权:毛利率最新年报 28.3%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 5.0%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 28.3%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 41%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 197.5 倍 粗算,约 97%(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 -20%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -4% / 6% / -22%。", "行业对照": ["同富途行业「租赁服务」20 家中位:PE 20.7 / 股息率 0.2% / 毛利率 38.5% / 固定资产占比 46% / 分红率 14%。", "EquipmentShare.com:PE 比行业中位高 176.8倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 10.2个百分点;固定资产占比 比行业中位低 4.8个百分点。"]}}