{"F": {"ts_code": "US.LFST", "name": "LifeStance Health", "mkt": "US", "ccy": "美元", "sw1": "医疗保健设施", "sw2": "医疗保健设施", "sw3": "", "ind": "医疗保健设施", "fin_source": "futu", "market": "NASDAQ", "list_date": "20210610", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.73, "pe_ttm": 97.923, "pb": 3.292, "dv_ttm": 0.0, "total_mv": 486356.79025699996, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [32.4], "rev_series": [14.2], "np_series": [0.1], "roe_series": [0.7], "rev_ttm": 14.2, "np_ttm": 0.5, "ocf_ttm": 2.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 4.5, "gm_median": 32.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 0.7, "roe_median": 0.7, "commodity": false, "hard_ratio": 9.9, "fix_assets": 2.1, "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": 0.8, "debt_ratio": 31.0, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 13.9, "np_yoy": 116.8, "np_vol": null, "loss_years": 0, "far_share": 95.0, "earn_yield": 1.0, "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": 80.8, "ret_20": 17.4, "ret_60": 62.0, "ret_120": 97.4, "ret_250": 126.9, "mdd_250": null, "vol_250": null, "pos_52w": 96.8, "eps": 0.02}, "S": {"duration": 91, "pricing": 48, "hard": 16, "bondness": 13}, "label": "纯久期", "tags": [], "text": {"像什么": ["PE TTM 97.9 倍,估值里约 95% 来自 5 年后的假设;固定资产占比 10%,几乎没有重置成本可言。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 32.4%),硬资产占比 10%。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": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 4.5%(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 32.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 10%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 97.9 倍 粗算,约 95%(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 127%,现价在 52 周高点的 97%;近 20 / 60 / 120 日 17% / 62% / 97%。", "行业对照": ["同富途行业「医疗保健设施」48 家中位:PE 19.1 / 股息率 0.0% / 毛利率 31.5% / 固定资产占比 22% / 分红率 0%。", "LifeStance Health:PE 比行业中位高 78.8倍;股息率 与行业中位持平;毛利率 比行业中位高 0.9个百分点;固定资产占比 比行业中位低 11.8个百分点。"]}}