{"F": {"ts_code": "US.MZTI", "name": "Marzetti", "mkt": "US", "ccy": "美元", "sw1": "包装食品", "sw2": "包装食品", "sw3": "", "ind": "包装食品", "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": 105.39, "pe_ttm": 15.098, "pb": 2.731, "dv_ttm": 3.75, "total_mv": 287619.849, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [24.7], "rev_series": [19.3], "np_series": [1.9], "roe_series": [18.6], "rev_ttm": 19.3, "np_ttm": 1.9, "ocf_ttm": 2.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.9, "gm_median": 24.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.9, "roe_median": 18.6, "commodity": false, "hard_ratio": 36.3, "fix_assets": 5.2, "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": 3.2, "debt_ratio": 34.4, "debt_mv": null, "payout": 57.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 1.1, "np_yoy": 14.5, "np_vol": null, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.6, "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": -34.9, "ret_20": -7.1, "ret_60": -3.6, "ret_120": -27.3, "ret_250": -41.6, "mdd_250": null, "vol_250": null, "pos_52w": 57.6, "eps": 6.98}, "S": {"duration": 31, "pricing": 44, "hard": 58, "bondness": 55}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 57%、股息率 3.8%、最新一年营收增速 1.1%、资产负债率 34%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 36%),没有定价权:毛利率最新年报 24.7%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 9.9%(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 24.7%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 36%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.1 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -42%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -7% / -4% / -27%。", "行业对照": ["同富途行业「包装食品」64 家中位:PE 15.1 / 股息率 0.0% / 毛利率 28.4% / 固定资产占比 21% / 分红率 0%。", "Marzetti:PE 与行业中位持平;股息率 比行业中位高 3.8个百分点;毛利率 比行业中位低 3.7个百分点;固定资产占比 比行业中位高 15.5个百分点。"]}}