{"F": {"ts_code": "US.IBM", "name": "IBM Corp", "mkt": "US", "ccy": "美元", "sw1": "信息技术服务", "sw2": "信息技术服务", "sw3": "", "ind": "信息技术服务", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 234.89, "pe_ttm": 20.805, "pb": 6.423, "dv_ttm": 2.87, "total_mv": 22129794.68671, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [58.2], "rev_series": [675.4], "np_series": [105.9], "roe_series": [35.3], "rev_ttm": 675.4, "np_ttm": 107.2, "ocf_ttm": 148.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.7, "gm_median": 58.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 15.7, "roe_median": 35.3, "commodity": false, "hard_ratio": 7.2, "fix_assets": 104.7, "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": 172.8, "debt_ratio": 78.4, "debt_mv": null, "payout": 60.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 7.6, "np_yoy": 75.9, "np_vol": null, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.8, "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": -19.1, "ret_20": -0.3, "ret_60": -13.1, "ret_120": -4.4, "ret_250": -5.9, "mdd_250": null, "vol_250": null, "pos_52w": 71.2, "eps": 11.17}, "S": {"duration": 41, "pricing": 61, "hard": 12, "bondness": 51}, "label": "定价权·品牌", "tags": ["成长兑现", "轻资产现金牛"], "text": {"像什么": ["没有硬资产(固定资产占比 7%)但有定价权:毛利率最新年报 58.2%、ROE 最新年报 35.3%。", "经营现金流/市值 6.7%,分红率 60%,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 58.2%),硬资产占比 7%。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 6.7%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 58.2%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 7%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.8 倍 粗算,约 76%(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 -6%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 -0% / -13% / -4%。", "行业对照": ["同富途行业「信息技术服务」74 家中位:PE 15.8 / 股息率 0.0% / 毛利率 29.2% / 固定资产占比 7% / 分红率 0%。", "IBM Corp:PE 比行业中位高 5.0倍;股息率 比行业中位高 2.9个百分点;毛利率 比行业中位高 29.0个百分点;固定资产占比 比行业中位高 0.3个百分点。"]}}