{"F": {"ts_code": "US.HAS", "name": "孩之宝", "mkt": "US", "ccy": "美元", "sw1": "休闲", "sw2": "休闲", "sw3": "", "ind": "休闲", "fin_source": "futu", "market": "NASDAQ", "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": 92.53, "pe_ttm": 16.464, "pb": 18.506, "dv_ttm": 3.03, "total_mv": 1305084.453151, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [64.6], "rev_series": [47.0], "np_series": [-3.2], "roe_series": [-38.0], "rev_ttm": 47.0, "np_ttm": 7.9, "ocf_ttm": 12.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.9, "gm_median": 64.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -6.8, "roe_median": -38.0, "commodity": false, "hard_ratio": 11.1, "fix_assets": 6.6, "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": 2.3, "debt_ratio": 89.8, "debt_mv": null, "payout": 50.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 13.7, "np_yoy": -180.7, "np_vol": null, "loss_years": 0, "far_share": 70.0, "earn_yield": 6.1, "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": 15.4, "ret_20": -0.3, "ret_60": 13.3, "ret_120": 1.2, "ret_250": 20.4, "mdd_250": null, "vol_250": null, "pos_52w": 88.5, "eps": -2.3}, "S": {"duration": 34, "pricing": 64, "hard": 18, "bondness": 49}, "label": "轻资产现金牛", "tags": ["现金流红利"], "text": {"像什么": ["固定资产占比 11%,毛利率最新年报 64.6%,经营现金流/市值 9.9%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 64.6%),硬资产占比 11%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 9.9%(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 64.6%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 11%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.5 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 20%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 -0% / 13% / 1%。", "行业对照": ["同富途行业「休闲」30 家中位:PE 17.4 / 股息率 0.0% / 毛利率 47.7% / 固定资产占比 17% / 分红率 0%。", "孩之宝:PE 比行业中位低 0.9倍;股息率 比行业中位高 3.0个百分点;毛利率 比行业中位高 16.9个百分点;固定资产占比 比行业中位低 5.6个百分点。"]}}