{"F": {"ts_code": "US.LTM", "name": "南美航空集团", "mkt": "US", "ccy": "美元", "sw1": "航空服务", "sw2": "航空服务", "sw3": "", "ind": "航空服务", "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": 52.47, "pe_ttm": 9.698, "pb": 7.527, "dv_ttm": 2.92, "total_mv": 1506455.634024, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [29.2], "rev_series": [142.7], "np_series": [14.6], "roe_series": [141.1], "rev_ttm": 142.7, "np_ttm": 15.6, "ocf_ttm": null, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 0.0, "gm_median": 29.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 10.3, "roe_median": 141.1, "commodity": false, "hard_ratio": 62.6, "fix_assets": 102.9, "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": 22.4, "debt_ratio": 92.4, "debt_mv": null, "payout": 28.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 11.2, "np_yoy": 49.7, "np_vol": null, "loss_years": 0, "far_share": 48.0, "earn_yield": 10.3, "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": -2.6, "ret_20": -7.5, "ret_60": 10.6, "ret_120": 6.2, "ret_250": 9.5, "mdd_250": null, "vol_250": null, "pos_52w": 74.7, "eps": 4.954}, "S": {"duration": 22, "pricing": 47, "hard": 100, "bondness": 40}, "label": "中性", "tags": [], "text": {"像什么": ["PE 9.7 倍、股息率 2.9%、毛利率最新年报 29.2%、固定资产占比 63%、资产负债率 92%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 63%),没有定价权:毛利率最新年报 29.2%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 0.0%(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 29.2%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 63%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 9.7 倍 粗算,约 48%(1 − 5/PE)。中等。"]], "价格行为": "近一年 10%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 -8% / 11% / 6%。", "行业对照": ["同富途行业「航空服务」18 家中位:PE 11.4 / 股息率 0.0% / 毛利率 20.9% / 固定资产占比 49% / 分红率 6%。", "南美航空集团:PE 比行业中位低 1.7倍;股息率 比行业中位高 2.9个百分点;毛利率 比行业中位高 8.3个百分点;固定资产占比 比行业中位高 13.9个百分点。"]}}