{"F": {"ts_code": "US.JJSF", "name": "JJSF食品", "mkt": "US", "ccy": "美元", "sw1": "包装食品", "sw2": "包装食品", "sw3": "", "ind": "包装食品", "fin_source": "futu", "market": "NASDAQ", "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": 84.11, "pe_ttm": 32.6, "pb": 1.761, "dv_ttm": 3.8, "total_mv": 157131.00488800002, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [29.7], "rev_series": [15.8], "np_series": [0.7], "roe_series": [6.8], "rev_ttm": 15.8, "np_ttm": 0.5, "ocf_ttm": 1.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 10.6, "gm_median": 29.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 4.1, "roe_median": 6.8, "commodity": false, "hard_ratio": 42.3, "fix_assets": 5.8, "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": 1.6, "debt_ratio": 30.0, "debt_mv": null, "payout": 124.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 0.5, "np_yoy": -24.2, "np_vol": null, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.1, "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": -5.0, "ret_20": -8.5, "ret_60": 7.2, "ret_120": 4.0, "ret_250": -19.5, "mdd_250": null, "vol_250": null, "pos_52w": 80.1, "eps": 3.36}, "S": {"duration": 56, "pricing": 47, "hard": 68, "bondness": 71}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 124%、股息率 3.8%、最新一年营收增速 0.5%、资产负债率 30%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 42%),没有定价权:毛利率最新年报 29.7%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 10.6%(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 29.7%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 42%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.6 倍 粗算,约 85%(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 -20%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 -8% / 7% / 4%。", "行业对照": ["同富途行业「包装食品」64 家中位:PE 15.1 / 股息率 0.0% / 毛利率 28.4% / 固定资产占比 21% / 分红率 0%。", "JJSF食品:PE 比行业中位高 17.5倍;股息率 比行业中位高 3.8个百分点;毛利率 比行业中位高 1.3个百分点;固定资产占比 比行业中位高 21.5个百分点。"]}}