{"F": {"ts_code": "US.JCI", "name": "江森自控", "mkt": "US", "ccy": "美元", "sw1": "建筑产品与设备", "sw2": "建筑产品与设备", "sw3": "", "ind": "建筑产品与设备", "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": 144.94, "pe_ttm": 25.472, "pb": 6.512, "dv_ttm": 1.1, "total_mv": 8779616.86618, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [36.4], "rev_series": [236.0], "np_series": [35.1], "roe_series": [22.7], "rev_ttm": 236.0, "np_ttm": 35.8, "ocf_ttm": 20.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 2.3, "gm_median": 36.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 14.9, "roe_median": 22.7, "commodity": false, "hard_ratio": 7.4, "fix_assets": 29.9, "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": 30.6, "debt_ratio": 65.9, "debt_mv": null, "payout": 28.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 2.8, "np_yoy": 84.9, "np_vol": null, "loss_years": 0, "far_share": 80.0, "earn_yield": 3.9, "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": 21.7, "ret_20": -4.8, "ret_60": 4.3, "ret_120": 10.4, "ret_250": 37.0, "mdd_250": null, "vol_250": null, "pos_52w": 92.3, "eps": 5.03}, "S": {"duration": 47, "pricing": 50, "hard": 12, "bondness": 29}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 85%,PE TTM 25.5 倍,历史 PEG(PE ÷ 最新增速)0.30。", "经营现金流 20.3 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": "只占定价权一条(毛利率 36.4%),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": "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 2.3%(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 36.4%。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 25.5 倍 粗算,约 80%(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 37%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 -5% / 4% / 10%。", "行业对照": ["同富途行业「建筑产品与设备」37 家中位:PE 26.2 / 股息率 0.0% / 毛利率 31.6% / 固定资产占比 17% / 分红率 16%。", "江森自控:PE 比行业中位低 0.7倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位高 4.8个百分点;固定资产占比 比行业中位低 9.7个百分点。"]}}