{"F": {"ts_code": "US.LB", "name": "LandBridge", "mkt": "US", "ccy": "美元", "sw1": "油气勘探与开发", "sw2": "油气勘探与开发", "sw3": "", "ind": "油气勘探与开发", "fin_source": "futu", "market": "NYSE", "list_date": "20240628", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 86.53, "pe_ttm": 76.575, "pb": 6.912, "dv_ttm": 0.51, "total_mv": 245784.000052, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [93.2], "rev_series": [2.0], "np_series": [0.7], "roe_series": [10.6], "rev_ttm": 2.0, "np_ttm": 0.4, "ocf_ttm": 1.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.3, "gm_median": 93.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 36.4, "roe_median": 10.6, "commodity": true, "hard_ratio": 42.3, "fix_assets": 5.1, "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": 1.3, "debt_ratio": 41.9, "debt_mv": null, "payout": 39.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 81.1, "np_yoy": 1241.2, "np_vol": null, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.3, "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": 77.4, "ret_20": 14.9, "ret_60": 31.6, "ret_120": 22.0, "ret_250": 70.0, "mdd_250": null, "vol_250": null, "pos_52w": 94.5, "eps": 0.94}, "S": {"duration": 85, "pricing": 70, "hard": 68, "bondness": 30}, "label": "钱的替代品", "tags": ["成长兑现", "商品定价"], "text": {"像什么": ["硬资产:固定资产 5 亿,占总资产 42%,重置成本随通胀上升。", "定价权来自商品本身:油气勘探与开发 的价格是通胀的组成部分,利润是商品价格的函数。", "当期现金流:经营现金流/市值 6.3%,股息率 0.5%,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 42%)和定价权(商品价格)。", "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 6.3%(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 93.2%。能。"], ["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 76.6 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 70%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 15% / 32% / 22%。 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「油气勘探与开发」72 家中位:PE 11.4 / 股息率 1.1% / 毛利率 39.8% / 固定资产占比 78% / 分红率 23%。", "LandBridge:PE 比行业中位高 65.2倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位高 53.4个百分点;固定资产占比 比行业中位低 35.7个百分点。"]}}