{"F": {"ts_code": "US.NATR", "name": "天然阳光产品", "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": 14.02, "pe_ttm": 14.02, "pb": 1.456, "dv_ttm": 0.0, "total_mv": 24668.91904, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [72.4], "rev_series": [4.8], "np_series": [0.2], "roe_series": [12.3], "rev_ttm": 4.8, "np_ttm": 0.2, "ocf_ttm": 0.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 11.1, "gm_median": 72.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 4.3, "roe_median": 12.3, "commodity": false, "hard_ratio": 30.8, "fix_assets": 0.8, "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": 0.4, "debt_ratio": 38.1, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 5.7, "np_yoy": 159.1, "np_vol": null, "loss_years": 0, "far_share": 64.0, "earn_yield": 7.1, "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": -35.0, "ret_20": -14.4, "ret_60": -31.5, "ret_120": -42.4, "ret_250": -18.2, "mdd_250": null, "vol_250": null, "pos_52w": 49.8, "eps": 1.06}, "S": {"duration": 30, "pricing": 68, "hard": 49, "bondness": 13}, "label": "钱的替代品", "tags": ["成长兑现"], "text": {"像什么": ["硬资产:固定资产 1 亿,占总资产 31%,重置成本随通胀上升。", "定价权:毛利率最新年报 72.4%。", "当期现金流:经营现金流/市值 11.1%,股息率 0.0%,估值里 5 年后的故事约占 64%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 31%)和定价权(毛利率 72.4% 且稳定)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 11.1%(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 72.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 31%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.0 倍 粗算,约 64%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -18%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -14% / -32% / -42%。 钱的替代品是体制切换的 β:过去一年没动,若信号亮起弹性在这。", "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%。", "天然阳光产品:PE 比行业中位低 1.1倍;股息率 与行业中位持平;毛利率 比行业中位高 44.0个百分点;固定资产占比 比行业中位高 10.0个百分点。"]}}