{"F": {"ts_code": "US.FMC", "name": "FMC公司", "mkt": "US", "ccy": "美元", "sw1": "农业投入品", "sw2": "农业投入品", "sw3": "", "ind": "农业投入品", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.97, "pe_ttm": -0.589, "pb": 0.992, "dv_ttm": 6.32, "total_mv": 162419.210183, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [37.0], "rev_series": [34.7], "np_series": [-22.4], "roe_series": [-68.3], "rev_ttm": 34.7, "np_ttm": -27.6, "ocf_ttm": 1.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.6, "gm_median": 37.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -64.5, "roe_median": -68.3, "commodity": true, "hard_ratio": 8.0, "fix_assets": 8.5, "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": -14.7, "debt_ratio": 78.3, "debt_mv": null, "payout": null, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -18.3, "np_yoy": -755.0, "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": -5.4, "ret_20": 22.5, "ret_60": 20.9, "ret_120": -4.9, "ret_250": -64.6, "mdd_250": null, "vol_250": null, "pos_52w": 34.7, "eps": -17.88}, "S": {"duration": 100, "pricing": 70, "hard": 13, "bondness": 43}, "label": "亏损或困境", "tags": ["商品定价", "股息率≥4%"], "text": {"像什么": ["TTM 归母净利 -27.6 亿;PE 为负,估值指标失真。", "资产负债率 78%,有息负债 —,经营现金流/市值 9.6%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 37.0%),硬资产占比 8%。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": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 9.6%(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 37.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 8%。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 -65%,现价在 52 周高点的 35%;近 20 / 60 / 120 日 22% / 21% / -5%。", "行业对照": ["同富途行业「农业投入品」13 家中位:PE 18.3 / 股息率 1.5% / 毛利率 30.6% / 固定资产占比 46% / 分红率 46%。", "FMC公司:PE 比行业中位低 18.9倍;股息率 比行业中位高 4.8个百分点;毛利率 比行业中位高 6.4个百分点;固定资产占比 比行业中位低 38.0个百分点。"]}}