{"F": {"ts_code": "US.GIL", "name": "吉登运动服", "mkt": "US", "ccy": "美元", "sw1": "服装制造", "sw2": "服装制造", "sw3": "", "ind": "服装制造", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 53.4, "pe_ttm": 104.705, "pb": 2.96, "dv_ttm": 1.78, "total_mv": 988924.4683200001, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [31.2], "rev_series": [36.2], "np_series": [4.0], "roe_series": [15.9], "rev_ttm": 36.2, "np_ttm": 0.6, "ocf_ttm": 6.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.4, "gm_median": 31.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 11.0, "roe_median": 15.9, "commodity": false, "hard_ratio": 19.8, "fix_assets": 14.0, "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": 7.4, "debt_ratio": 66.0, "debt_mv": null, "payout": 186.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 10.7, "np_yoy": -0.5, "np_vol": null, "loss_years": 0, "far_share": 95.0, "earn_yield": 1.0, "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": -12.2, "ret_20": -6.3, "ret_60": -5.6, "ret_120": -6.5, "ret_250": -1.3, "mdd_250": null, "vol_250": null, "pos_52w": 74.4, "eps": 2.61}, "S": {"duration": 93, "pricing": 48, "hard": 32, "bondness": 59}, "label": "纯久期", "tags": [], "text": {"像什么": ["PE TTM 104.7 倍,估值里约 95% 来自 5 年后的假设;固定资产占比 20%,几乎没有重置成本可言。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 31.2%),硬资产占比 20%。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": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 6.4%(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 31.2%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 20%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 104.7 倍 粗算,约 95%(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 -1%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 -6% / -6% / -6%。", "行业对照": ["同富途行业「服装制造」24 家中位:PE 19.3 / 股息率 0.5% / 毛利率 47.6% / 固定资产占比 20% / 分红率 27%。", "吉登运动服:PE 比行业中位高 85.4倍;股息率 比行业中位高 1.3个百分点;毛利率 比行业中位低 16.4个百分点;固定资产占比 比行业中位低 0.3个百分点。"]}}