{"F": {"ts_code": "US.LLY", "name": "礼来", "mkt": "US", "ccy": "美元", "sw1": "一般药品制造商", "sw2": "一般药品制造商", "sw3": "", "ind": "一般药品制造商", "fin_source": "futu", "market": "NYSE", "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": 1149.36, "pe_ttm": 38.582, "pb": 31.935, "dv_ttm": 0.56, "total_mv": 108195815.62284, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [83.0], "rev_series": [651.8], "np_series": [206.4], "roe_series": [101.2], "rev_ttm": 651.8, "np_ttm": 267.1, "ocf_ttm": 280.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 2.6, "gm_median": 83.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 31.7, "roe_median": 101.2, "commodity": false, "hard_ratio": 17.3, "fix_assets": 165.3, "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": 316.9, "debt_ratio": 76.4, "debt_mv": null, "payout": 22.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 44.7, "np_yoy": 94.9, "np_vol": null, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "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": 7.5, "ret_20": -2.9, "ret_60": 1.3, "ret_120": 16.6, "ret_250": 56.6, "mdd_250": null, "vol_250": null, "pos_52w": 88.9, "eps": 22.95}, "S": {"duration": 62, "pricing": 74, "hard": 28, "bondness": 24}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 95%,PE TTM 38.6 倍,历史 PEG(PE ÷ 最新增速)0.41。", "经营现金流 280.8 亿(正),没有一致预期数据,风险在增速能否延续。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 83.0%),硬资产占比 17%。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": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 2.6%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 83.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 17%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.6 倍 粗算,约 87%(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 57%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 -3% / 1% / 17%。", "行业对照": ["同富途行业「一般药品制造商」21 家中位:PE 24.4 / 股息率 2.1% / 毛利率 72.2% / 固定资产占比 10% / 分红率 56%。", "礼来:PE 比行业中位高 14.2倍;股息率 比行业中位低 1.5个百分点;毛利率 比行业中位高 10.8个百分点;固定资产占比 比行业中位高 7.0个百分点。"]}}