{"F": {"ts_code": "US.MLCO", "name": "新濠博亚娱乐", "mkt": "US", "ccy": "美元", "sw1": "度假村与赌场", "sw2": "度假村与赌场", "sw3": "", "ind": "度假村与赌场", "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": 5.21, "pe_ttm": 8.771, "pb": -1.211, "dv_ttm": 0.0, "total_mv": 198107.156823, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [36.7], "rev_series": [51.6], "np_series": [1.5], "roe_series": [0.0], "rev_ttm": 51.6, "np_ttm": 2.3, "ocf_ttm": 7.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 39.9, "gm_median": 36.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.8, "roe_median": 0.0, "commodity": false, "hard_ratio": 69.3, "fix_assets": 54.0, "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": 11.6, "debt_ratio": 111.9, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 11.3, "np_yoy": 620.2, "np_vol": null, "loss_years": 0, "far_share": 43.0, "earn_yield": 11.4, "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": -31.2, "ret_20": -5.6, "ret_60": -7.5, "ret_120": -7.1, "ret_250": -45.8, "mdd_250": null, "vol_250": null, "pos_52w": 52.2, "eps": 0.462}, "S": {"duration": 20, "pricing": 50, "hard": 100, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 8.8 倍、股息率 0.0%、毛利率最新年报 36.7%、固定资产占比 69%、资产负债率 112%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 69%、毛利率 36.7% 两条都占,但所在行业(度假村与赌场)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 39.9%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率最新年报 36.7%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 69%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.8 倍 粗算,约 43%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -46%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -6% / -8% / -7%。", "行业对照": ["同富途行业「度假村与赌场」17 家中位:PE 20.2 / 股息率 0.0% / 毛利率 49.6% / 固定资产占比 49% / 分红率 22%。", "新濠博亚娱乐:PE 比行业中位低 11.4倍;股息率 与行业中位持平;毛利率 比行业中位低 12.9个百分点;固定资产占比 比行业中位高 20.2个百分点。"]}}