{"F": {"ts_code": "US.HZO", "name": "海上麦斯服务", "mkt": "US", "ccy": "美元", "sw1": "专业零售", "sw2": "专业零售", "sw3": "", "ind": "专业零售", "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": 52.16, "pe_ttm": 326.0, "pb": 1.209, "dv_ttm": 0.0, "total_mv": 115204.40976, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [32.5], "rev_series": [23.1], "np_series": [-0.3], "roe_series": [-3.3], "rev_ttm": 23.1, "np_ttm": 0.0, "ocf_ttm": 2.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 19.0, "gm_median": 32.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -1.3, "roe_median": -3.3, "commodity": false, "hard_ratio": 17.0, "fix_assets": 4.3, "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": 0.8, "debt_ratio": 61.6, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -5.0, "np_yoy": -179.4, "np_vol": null, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.3, "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": 115.3, "ret_20": 46.2, "ret_60": 60.0, "ret_120": 105.1, "ret_250": 97.7, "mdd_250": null, "vol_250": null, "pos_52w": 99.4, "eps": -1.43}, "S": {"duration": 100, "pricing": 48, "hard": 27, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 326.0 倍、股息率 0.0%、毛利率最新年报 32.5%、固定资产占比 17%、资产负债率 62%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 32.5%),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": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 19.0%(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 32.5%。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 326.0 倍 粗算,约 98%(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 98%,现价在 52 周高点的 99%;近 20 / 60 / 120 日 46% / 60% / 105%。", "行业对照": ["同富途行业「专业零售」45 家中位:PE 17.8 / 股息率 0.0% / 毛利率 35.1% / 固定资产占比 33% / 分红率 0%。", "海上麦斯服务:PE 比行业中位高 308.2倍;股息率 与行业中位持平;毛利率 比行业中位低 2.6个百分点;固定资产占比 比行业中位低 15.6个百分点。"]}}