{"F": {"ts_code": "US.KO", "name": "可口可乐", "mkt": "US", "ccy": "美元", "sw1": "非酒精饮料", "sw2": "非酒精饮料", "sw3": "", "ind": "非酒精饮料", "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": 88.07, "pe_ttm": 26.447, "pb": 10.482, "dv_ttm": 2.36, "total_mv": 37892551.183101, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [61.6], "rev_series": [479.4], "np_series": [131.4], "roe_series": [46.0], "rev_ttm": 479.4, "np_ttm": 143.2, "ocf_ttm": 163.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 4.3, "gm_median": 61.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 27.4, "roe_median": 46.0, "commodity": false, "hard_ratio": 9.4, "fix_assets": 96.5, "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": 187.0, "debt_ratio": 67.3, "debt_mv": null, "payout": 62.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 1.9, "np_yoy": 23.4, "np_vol": null, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.8, "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": 27.7, "ret_20": 1.2, "ret_60": 6.0, "ret_120": 13.9, "ret_250": 34.3, "mdd_250": null, "vol_250": null, "pos_52w": 95.2, "eps": 3.04}, "S": {"duration": 48, "pricing": 63, "hard": 15, "bondness": 49}, "label": "定价权·品牌", "tags": ["成长兑现"], "text": {"像什么": ["没有硬资产(固定资产占比 9%)但有定价权:毛利率最新年报 61.6%、ROE 最新年报 46.0%。", "经营现金流/市值 4.3%,分红率 62%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 61.6%),硬资产占比 9%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 4.3%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 61.6%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 9%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.4 倍 粗算,约 81%(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 34%,现价在 52 周高点的 95%;近 20 / 60 / 120 日 1% / 6% / 14%。", "行业对照": ["同富途行业「非酒精饮料」19 家中位:PE 26.4 / 股息率 0.0% / 毛利率 39.7% / 固定资产占比 18% / 分红率 19%。", "可口可乐:PE 与行业中位持平;股息率 比行业中位高 2.4个百分点;毛利率 比行业中位高 21.9个百分点;固定资产占比 比行业中位低 8.1个百分点。"]}}