{"F": {"ts_code": "US.GOGO", "name": "Gogo Inc", "mkt": "US", "ccy": "美元", "sw1": "电信服务", "sw2": "电信服务", "sw3": "", "ind": "电信服务", "fin_source": "futu", "market": "NASDAQ", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.84, "pe_ttm": -284.0, "pb": 3.187, "dv_ttm": 0.0, "total_mv": 38484.232808, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [44.3], "rev_series": [9.1], "np_series": [0.1], "roe_series": [15.2], "rev_ttm": 9.1, "np_ttm": -0.0, "ocf_ttm": 0.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 20.9, "gm_median": 44.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 1.4, "roe_median": 15.2, "commodity": false, "hard_ratio": 12.8, "fix_assets": 1.6, "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": 1.6, "debt_ratio": 92.2, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 104.7, "np_yoy": -6.0, "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": -39.1, "ret_20": -21.9, "ret_60": -16.5, "ret_120": -35.6, "ret_250": -73.6, "mdd_250": null, "vol_250": null, "pos_52w": 25.6, "eps": 0.09}, "S": {"duration": 100, "pricing": 54, "hard": 20, "bondness": 13}, "label": "纯久期", "tags": ["轻资产现金牛"], "text": {"像什么": ["PE TTM 为负(亏损),估值里约 100% 来自 5 年后的假设;固定资产占比 13%,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 44.3%),硬资产占比 13%。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 20.9%(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 44.3%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 13%。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 -74%,现价在 52 周高点的 26%;近 20 / 60 / 120 日 -22% / -16% / -36%。", "行业对照": ["同富途行业「电信服务」57 家中位:PE 13.1 / 股息率 0.0% / 毛利率 59.6% / 固定资产占比 31% / 分红率 23%。", "Gogo Inc:PE 比行业中位低 297.1倍;股息率 与行业中位持平;毛利率 比行业中位低 15.3个百分点;固定资产占比 比行业中位低 18.1个百分点。"]}}