{"F": {"ts_code": "US.JOYY", "name": "欢聚", "mkt": "US", "ccy": "美元", "sw1": "互联网内容与信息", "sw2": "互联网内容与信息", "sw3": "", "ind": "互联网内容与信息", "fin_source": "futu", "market": "NASDAQ", "list_date": "20121121", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 75.0, "pe_ttm": 16.968, "pb": 0.569, "dv_ttm": 6.4, "total_mv": 367301.2725, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [35.9], "rev_series": [21.2], "np_series": [20.9], "roe_series": [37.3], "rev_ttm": 21.2, "np_ttm": 2.2, "ocf_ttm": 3.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 8.2, "gm_median": 35.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 98.3, "roe_median": 37.3, "commodity": false, "hard_ratio": 5.9, "fix_assets": 4.5, "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": 3.2, "debt_ratio": 12.9, "debt_mv": null, "payout": 109.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -5.1, "np_yoy": 960.2, "np_vol": null, "loss_years": 0, "far_share": 71.0, "earn_yield": 5.9, "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": 23.1, "ret_20": 0.8, "ret_60": 12.4, "ret_120": 28.3, "ret_250": 27.1, "mdd_250": null, "vol_250": null, "pos_52w": 92.7, "eps": 39.4}, "S": {"duration": 35, "pricing": 50, "hard": 9, "bondness": 78}, "label": "成长兑现", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["盈利在追估值:最新净利润同比 960%,PE TTM 17.0 倍,历史 PEG(PE ÷ 最新增速)0.02。", "经营现金流 3.0 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 35.9%),硬资产占比 6%。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 8.2%(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 35.9%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 6%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.0 倍 粗算,约 71%(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 27%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 1% / 12% / 28%。", "行业对照": ["同富途行业「互联网内容与信息」72 家中位:PE 12.8 / 股息率 0.0% / 毛利率 62.0% / 固定资产占比 5% / 分红率 0%。", "欢聚:PE 比行业中位高 4.2倍;股息率 比行业中位高 6.4个百分点;毛利率 比行业中位低 26.1个百分点;固定资产占比 比行业中位高 1.1个百分点。"]}}