{"F": {"ts_code": "US.MDLZ", "name": "亿滋", "mkt": "US", "ccy": "美元", "sw1": "糖果", "sw2": "糖果", "sw3": "", "ind": "糖果", "fin_source": "futu", "market": "NASDAQ", "list_date": "20120626", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 61.28, "pe_ttm": 22.446, "pb": 2.935, "dv_ttm": 3.26, "total_mv": 7821215.773296, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [28.4], "rev_series": [385.4], "np_series": [24.7], "roe_series": [9.3], "rev_ttm": 385.4, "np_ttm": 35.2, "ocf_ttm": 44.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 5.7, "gm_median": 28.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.4, "roe_median": 9.3, "commodity": false, "hard_ratio": 14.0, "fix_assets": 97.9, "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": 49.7, "debt_ratio": 63.8, "debt_mv": null, "payout": 73.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 5.8, "np_yoy": -46.7, "np_vol": null, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.5, "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": 15.8, "ret_20": -2.1, "ret_60": -3.7, "ret_120": 9.0, "ret_250": 2.4, "mdd_250": null, "vol_250": null, "pos_52w": 91.9, "eps": 1.89}, "S": {"duration": 43, "pricing": 46, "hard": 22, "bondness": 58}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 73%、股息率 3.3%、最新一年营收增速 5.8%、资产负债率 64%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 14%,毛利率最新年报 28.4%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 5.7%(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 28.4%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 14%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.4 倍 粗算,约 78%(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 2%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 -2% / -4% / 9%。", "行业对照": ["同富途行业「糖果」5 家中位:PE 23.7 / 股息率 0.9% / 毛利率 30.9% / 固定资产占比 28% / 分红率 73%。", "亿滋:PE 比行业中位低 1.3倍;股息率 比行业中位高 2.4个百分点;毛利率 比行业中位低 2.5个百分点;固定资产占比 比行业中位低 14.3个百分点。"]}}