{"F": {"ts_code": "US.IIIN", "name": "Insteel Industries", "mkt": "US", "ccy": "美元", "sw1": "金属加工", "sw2": "金属加工", "sw3": "", "ind": "金属加工", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 31.26, "pe_ttm": 16.716, "pb": 1.629, "dv_ttm": 0.38, "total_mv": 60513.880122, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [14.4], "rev_series": [6.5], "np_series": [0.4], "roe_series": [11.4], "rev_ttm": 6.5, "np_ttm": 0.4, "ocf_ttm": 0.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 0.2, "gm_median": 14.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.3, "roe_median": 11.4, "commodity": false, "hard_ratio": 36.0, "fix_assets": 1.6, "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": 0.7, "debt_ratio": 19.7, "debt_mv": null, "payout": 6.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 22.4, "np_yoy": 112.5, "np_vol": null, "loss_years": 0, "far_share": 70.0, "earn_yield": 6.0, "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": -1.1, "ret_20": -3.2, "ret_60": 12.5, "ret_120": -1.9, "ret_250": -16.6, "mdd_250": null, "vol_250": null, "pos_52w": 81.1, "eps": 2.1}, "S": {"duration": 34, "pricing": 39, "hard": 58, "bondness": 17}, "label": "重资产陷阱", "tags": [], "text": {"像什么": ["资产很重:固定资产占总资产 36%,但毛利率最新年报只有 14.4%,产品同质、售价涨不动。", "资产负债率 20%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 36%),没有定价权:毛利率最新年报 14.4%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 0.2%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 14.4%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 36%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.7 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -17%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 -3% / 12% / -2%。", "行业对照": ["同富途行业「金属加工」17 家中位:PE 19.9 / 股息率 0.0% / 毛利率 22.5% / 固定资产占比 36% / 分红率 8%。", "Insteel Industries:PE 比行业中位低 3.2倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位低 8.1个百分点;固定资产占比 与行业中位持平。"]}}