{"F": {"ts_code": "US.GLBS", "name": "Globus Maritime", "mkt": "US", "ccy": "美元", "sw1": "海运", "sw2": "海运", "sw3": "", "ind": "海运", "fin_source": "futu", "market": "NASDAQ", "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": 3.69, "pe_ttm": 11.531, "pb": 0.439, "dv_ttm": 0.0, "total_mv": 7963.869068999999, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [14.8], "rev_series": [0.4], "np_series": [-0.0], "roe_series": [-1.0], "rev_ttm": 0.4, "np_ttm": 0.1, "ocf_ttm": 0.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 25.8, "gm_median": 14.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -4.0, "roe_median": -1.0, "commodity": false, "hard_ratio": 57.0, "fix_assets": 1.7, "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": 0.2, "debt_ratio": 39.1, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 26.8, "np_yoy": -505.3, "np_vol": null, "loss_years": 0, "far_share": 57.0, "earn_yield": 8.7, "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": 110.9, "ret_20": 15.7, "ret_60": 72.4, "ret_120": 118.3, "ret_250": 258.3, "mdd_250": null, "vol_250": null, "pos_52w": 93.7, "eps": -0.08}, "S": {"duration": 25, "pricing": 39, "hard": 91, "bondness": 13}, "label": "重资产陷阱", "tags": [], "text": {"像什么": ["资产很重:固定资产占总资产 57%,但毛利率最新年报只有 14.8%,产品同质、售价涨不动。", "资产负债率 39%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 57%),没有定价权:毛利率最新年报 14.8%。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": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 25.8%(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 14.8%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 57%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.5 倍 粗算,约 57%(1 − 5/PE)。中等。"]], "价格行为": "近一年 258%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 16% / 72% / 118%。", "行业对照": ["同富途行业「海运」39 家中位:PE 7.1 / 股息率 0.6% / 毛利率 26.5% / 固定资产占比 51% / 分红率 18%。", "Globus Maritime:PE 比行业中位高 4.4倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位低 11.7个百分点;固定资产占比 比行业中位高 6.2个百分点。"]}}