{"F": {"ts_code": "US.LECO", "name": "林肯电气", "mkt": "US", "ccy": "美元", "sw1": "工具及配件", "sw2": "工具及配件", "sw3": "", "ind": "工具及配件", "fin_source": "futu", "market": "NASDAQ", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 276.44, "pe_ttm": 27.644, "pb": 9.694, "dv_ttm": 1.13, "total_mv": 1506757.146508, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [36.2], "rev_series": [42.3], "np_series": [5.2], "roe_series": [37.2], "rev_ttm": 42.3, "np_ttm": 5.5, "ocf_ttm": 6.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 4.6, "gm_median": 36.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 12.3, "roe_median": 37.2, "commodity": false, "hard_ratio": 21.4, "fix_assets": 7.8, "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": 8.3, "debt_ratio": 61.1, "debt_mv": null, "payout": 31.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 5.6, "np_yoy": 11.7, "np_vol": null, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "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": 16.1, "ret_20": -2.0, "ret_60": 9.5, "ret_120": 7.3, "ret_250": 15.1, "mdd_250": null, "vol_250": null, "pos_52w": 89.7, "eps": 9.32}, "S": {"duration": 50, "pricing": 50, "hard": 34, "bondness": 31}, "label": "中性", "tags": [], "text": {"像什么": ["PE 27.6 倍、股息率 1.1%、毛利率最新年报 36.2%、固定资产占比 21%、资产负债率 61%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 36.2%),硬资产占比 21%。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": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 4.6%(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 36.2%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 21%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 27.6 倍 粗算,约 82%(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 15%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 -2% / 10% / 7%。", "行业对照": ["同富途行业「工具及配件」11 家中位:PE 24.4 / 股息率 1.1% / 毛利率 36.2% / 固定资产占比 16% / 分红率 32%。", "林肯电气:PE 比行业中位高 3.2倍;股息率 与行业中位持平;毛利率 与行业中位持平;固定资产占比 比行业中位高 5.2个百分点。"]}}