{"F": {"ts_code": "US.HTHT", "name": "华住", "mkt": "US", "ccy": "美元", "sw1": "住宿", "sw2": "住宿", "sw3": "", "ind": "住宿", "fin_source": "futu", "market": "NASDAQ", "list_date": "20100326", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 45.77, "pe_ttm": 18.882, "pb": 6.721, "dv_ttm": 4.72, "total_mv": 1407536.519563, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [39.4], "rev_series": [36.2], "np_series": [7.3], "roe_series": [40.7], "rev_ttm": 36.2, "np_ttm": 7.4, "ocf_ttm": 12.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.1, "gm_median": 39.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 20.2, "roe_median": 40.7, "commodity": false, "hard_ratio": 32.8, "fix_assets": 29.2, "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": 12.7, "debt_ratio": 80.0, "debt_mv": null, "payout": 89.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 10.5, "np_yoy": 72.0, "np_vol": null, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.3, "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": -0.2, "ret_20": 8.0, "ret_60": 2.8, "ret_120": -8.4, "ret_250": 25.5, "mdd_250": null, "vol_250": null, "pos_52w": 82.9, "eps": 2.38}, "S": {"duration": 38, "pricing": 52, "hard": 52, "bondness": 72}, "label": "成长兑现", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["盈利在追估值:最新净利润同比 72%,PE TTM 18.9 倍,历史 PEG(PE ÷ 最新增速)0.26。", "经营现金流 12.8 亿(正),没有一致预期数据,风险在增速能否延续。"], "为什么(不)算钱的替代品": "硬资产占比 33%、毛利率 39.4% 两条都占,但所在行业(住宿)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "加息期怎么走": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 9.1%(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 39.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 33%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.9 倍 粗算,约 74%(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 26%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 8% / 3% / -8%。", "行业对照": ["同富途行业「住宿」11 家中位:PE 26.0 / 股息率 1.1% / 毛利率 29.8% / 固定资产占比 12% / 分红率 39%。", "华住:PE 比行业中位低 7.1倍;股息率 比行业中位高 3.6个百分点;毛利率 比行业中位高 9.6个百分点;固定资产占比 比行业中位高 20.5个百分点。"]}}