{"F": {"ts_code": "US.GSK", "name": "葛兰素史克", "mkt": "US", "ccy": "美元", "sw1": "一般药品制造商", "sw2": "一般药品制造商", "sw3": "", "ind": "一般药品制造商", "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": 49.89, "pe_ttm": 15.659, "pb": 4.188, "dv_ttm": 3.56, "total_mv": 9995514.672762, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [72.4], "rev_series": [440.0], "np_series": [84.7], "roe_series": [38.0], "rev_ttm": 440.0, "np_ttm": 63.7, "ocf_ttm": 110.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 11.1, "gm_median": 72.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 19.3, "roe_median": 38.0, "commodity": false, "hard_ratio": 17.2, "fix_assets": 135.0, "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": 140.1, "debt_ratio": 73.9, "debt_mv": null, "payout": 56.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 11.7, "np_yoy": 128.7, "np_vol": null, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.4, "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": 4.4, "ret_20": -4.9, "ret_60": -1.6, "ret_120": -5.5, "ret_250": 29.0, "mdd_250": null, "vol_250": null, "pos_52w": 83.0, "eps": 3.754}, "S": {"duration": 32, "pricing": 68, "hard": 28, "bondness": 54}, "label": "定价权·品牌", "tags": ["成长兑现", "现金流红利"], "text": {"像什么": ["没有硬资产(固定资产占比 17%)但有定价权:毛利率最新年报 72.4%、ROE 最新年报 38.0%。", "经营现金流/市值 11.1%,分红率 56%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 72.4%),硬资产占比 17%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 11.1%(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 72.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 17%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.7 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 29%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 -5% / -2% / -6%。", "行业对照": ["同富途行业「一般药品制造商」21 家中位:PE 24.4 / 股息率 2.1% / 毛利率 72.2% / 固定资产占比 10% / 分红率 56%。", "葛兰素史克:PE 比行业中位低 8.7倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位高 0.2个百分点;固定资产占比 比行业中位高 6.9个百分点。"]}}