{"F": {"ts_code": "US.KGS", "name": "Kodiak Gas Services", "mkt": "US", "ccy": "美元", "sw1": "油气设备与服务", "sw2": "油气设备与服务", "sw3": "", "ind": "油气设备与服务", "fin_source": "futu", "market": "NYSE", "list_date": "20230629", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 62.59, "pe_ttm": 71.125, "pb": 2.927, "dv_ttm": 3.07, "total_mv": 632810.130029, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [42.2], "rev_series": [13.1], "np_series": [0.8], "roe_series": [6.3], "rev_ttm": 13.1, "np_ttm": 0.8, "ocf_ttm": 4.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 7.6, "gm_median": 42.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.2, "roe_median": 6.3, "commodity": false, "hard_ratio": 51.3, "fix_assets": 22.4, "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": 5.9, "debt_ratio": 72.0, "debt_mv": null, "payout": 218.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 12.8, "np_yoy": 62.1, "np_vol": null, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.4, "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": 71.4, "ret_20": 5.3, "ret_60": -5.2, "ret_120": 15.2, "ret_250": 92.6, "mdd_250": null, "vol_250": null, "pos_52w": 81.2, "eps": 0.89}, "S": {"duration": 83, "pricing": 53, "hard": 82, "bondness": 66}, "label": "钱的替代品", "tags": ["成长兑现", "现金流红利"], "text": {"像什么": ["硬资产:固定资产 22 亿,占总资产 51%,重置成本随通胀上升。", "定价权:毛利率最新年报 42.2%。", "当期现金流:经营现金流/市值 7.6%,股息率 3.1%,估值里 5 年后的故事约占 93%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 51%)和定价权(毛利率 42.2% 且稳定)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 7.6%(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 42.2%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 51%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 71.1 倍 粗算,约 93%(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 93%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 5% / -5% / 15%。 钱的替代品是体制切换的 β:过去一年已经跑过,加仓看信号。", "行业对照": ["同富途行业「油气设备与服务」48 家中位:PE 25.5 / 股息率 0.1% / 毛利率 23.0% / 固定资产占比 38% / 分红率 22%。", "Kodiak Gas Services:PE 比行业中位高 45.6倍;股息率 比行业中位高 3.0个百分点;毛利率 比行业中位高 19.2个百分点;固定资产占比 比行业中位高 13.3个百分点。"]}}