{"F": {"ts_code": "US.MRK", "name": "默沙东", "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": 150.33, "pe_ttm": 120.264, "pb": 8.845, "dv_ttm": 2.24, "total_mv": 37088991.234054, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [74.8], "rev_series": [650.1], "np_series": [182.6], "roe_series": [36.9], "rev_ttm": 650.1, "np_ttm": 31.7, "ocf_ttm": 199.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 5.4, "gm_median": 74.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 28.1, "roe_median": 36.9, "commodity": false, "hard_ratio": 17.8, "fix_assets": 225.4, "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": 282.6, "debt_ratio": 61.5, "debt_mv": null, "payout": 269.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 1.3, "np_yoy": 6.6, "np_vol": null, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.8, "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": 44.9, "ret_20": 16.9, "ret_60": 27.1, "ret_120": 31.2, "ret_250": 84.7, "mdd_250": null, "vol_250": null, "pos_52w": 95.8, "eps": 7.28}, "S": {"duration": 95, "pricing": 69, "hard": 28, "bondness": 61}, "label": "定价权·品牌", "tags": [], "text": {"像什么": ["没有硬资产(固定资产占比 18%)但有定价权:毛利率最新年报 74.8%、ROE 最新年报 36.9%。", "经营现金流/市值 5.4%,分红率 269%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 74.8%),硬资产占比 18%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 5.4%(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 74.8%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 18%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 120.3 倍 粗算,约 96%(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 85%,现价在 52 周高点的 96%;近 20 / 60 / 120 日 17% / 27% / 31%。", "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%。", "默沙东:PE 比行业中位高 95.9倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位高 2.6个百分点;固定资产占比 比行业中位高 7.5个百分点。"]}}