{"F": {"ts_code": "US.MRP", "name": "Millrose Properties", "mkt": "US", "ccy": "美元", "sw1": "住宅REITs", "sw2": "住宅REITs", "sw3": "", "ind": "住宅REITs", "fin_source": "futu", "market": "NYSE", "list_date": "20250205", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 32.02, "pe_ttm": 11.168, "pb": 0.908, "dv_ttm": 9.4, "total_mv": 531685.462254, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [85.4], "rev_series": [6.0], "np_series": [3.8], "roe_series": [7.3], "rev_ttm": 6.0, "np_ttm": 4.8, "ocf_ttm": 37.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 70.5, "gm_median": 85.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 63.3, "roe_median": 7.3, "commodity": false, "hard_ratio": null, "fix_assets": null, "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": 4.9, "debt_ratio": 36.7, "debt_mv": null, "payout": 105.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 0.0, "np_yoy": 254.3, "np_vol": null, "loss_years": 0, "far_share": 55.0, "earn_yield": 9.0, "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": 16.0, "ret_20": 10.5, "ret_60": 14.1, "ret_120": 15.4, "ret_250": 3.3, "mdd_250": null, "vol_250": null, "pos_52w": 99.7, "eps": 2.439}, "S": {"duration": 24, "pricing": 75, "hard": 0, "bondness": 78}, "label": "轻资产现金牛", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["固定资产占比 —,毛利率最新年报 85.4%,经营现金流/市值 70.5%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 85.4%),硬资产占比 —。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 70.5%(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 85.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 —。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.2 倍 粗算,约 55%(1 − 5/PE)。中等。"]], "价格行为": "近一年 3%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 10% / 14% / 15%。", "行业对照": ["同富途行业「住宅REITs」4 家中位:PE 19.8 / 股息率 4.8% / 毛利率 63.1% / 固定资产占比 20% / 分红率 110%。", "Millrose Properties:PE 比行业中位低 8.6倍;股息率 比行业中位高 4.6个百分点;毛利率 比行业中位高 22.3个百分点;固定资产占比 。"]}}