{"F": {"ts_code": "US.FMX", "name": "FEMSA", "mkt": "US", "ccy": "美元", "sw1": "啤酒", "sw2": "啤酒", "sw3": "", "ind": "啤酒", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 120.41, "pe_ttm": 24.057, "pb": 2.31, "dv_ttm": 5.78, "total_mv": 4109271.0948809995, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [40.6], "rev_series": [467.2], "np_series": [18.4], "roe_series": [7.2], "rev_ttm": 467.2, "np_ttm": 17.9, "ocf_ttm": 39.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.6, "gm_median": 40.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 3.9, "roe_median": 7.2, "commodity": false, "hard_ratio": 26.2, "fix_assets": 112.1, "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": 64.1, "debt_ratio": 58.6, "debt_mv": null, "payout": 139.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 23.5, "np_yoy": -5.7, "np_vol": null, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.2, "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": 25.3, "ret_20": -1.7, "ret_60": -1.3, "ret_120": 15.9, "ret_250": 49.1, "mdd_250": null, "vol_250": null, "pos_52w": 85.1, "eps": 3.31}, "S": {"duration": 45, "pricing": 52, "hard": 42, "bondness": 78}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 139%、股息率 5.8%、最新一年营收增速 23.5%、资产负债率 59%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 40.6%),硬资产占比 26%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "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 40.6%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 26%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.1 倍 粗算,约 79%(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 49%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 -2% / -1% / 16%。", "行业对照": ["同富途行业「啤酒」8 家中位:PE 17.3 / 股息率 3.6% / 毛利率 46.5% / 固定资产占比 26% / 分红率 58%。", "FEMSA:PE 比行业中位高 6.8倍;股息率 比行业中位高 2.2个百分点;毛利率 比行业中位低 5.9个百分点;固定资产占比 比行业中位高 0.1个百分点。"]}}