{"F": {"ts_code": "US.MLKN", "name": "MillerKnoll", "mkt": "US", "ccy": "美元", "sw1": "家具、灯具与家电", "sw2": "家具、灯具与家电", "sw3": "", "ind": "家具、灯具与家电", "fin_source": "futu", "market": "NASDAQ", "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": 22.92, "pe_ttm": 17.363, "pb": 1.173, "dv_ttm": 3.27, "total_mv": 157536.180396, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [38.8], "rev_series": [38.4], "np_series": [1.0], "roe_series": [7.0], "rev_ttm": 38.4, "np_ttm": 0.9, "ocf_ttm": 2.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 12.7, "gm_median": 38.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.5, "roe_median": 7.0, "commodity": false, "hard_ratio": 26.6, "fix_assets": 10.6, "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": 3.5, "debt_ratio": 64.9, "debt_mv": null, "payout": 57.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 4.7, "np_yoy": 388.3, "np_vol": null, "loss_years": 0, "far_share": 71.0, "earn_yield": 5.8, "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": 29.0, "ret_20": -5.7, "ret_60": 55.7, "ret_120": 22.7, "ret_250": 13.6, "mdd_250": null, "vol_250": null, "pos_52w": 93.5, "eps": 1.32}, "S": {"duration": 35, "pricing": 51, "hard": 43, "bondness": 53}, "label": "成长兑现", "tags": ["现金流红利"], "text": {"像什么": ["盈利在追估值:最新净利润同比 388%,PE TTM 17.4 倍,历史 PEG(PE ÷ 最新增速)0.04。", "经营现金流 2.0 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 38.8%),硬资产占比 27%。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 12.7%(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 38.8%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 27%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.4 倍 粗算,约 71%(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 14%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 -6% / 56% / 23%。", "行业对照": ["同富途行业「家具、灯具与家电」28 家中位:PE 16.6 / 股息率 0.1% / 毛利率 37.4% / 固定资产占比 20% / 分红率 12%。", "MillerKnoll:PE 比行业中位高 0.8倍;股息率 比行业中位高 3.2个百分点;毛利率 比行业中位高 1.4个百分点;固定资产占比 比行业中位高 6.6个百分点。"]}}