{"F": {"ts_code": "US.NKE", "name": "耐克", "mkt": "US", "ccy": "美元", "sw1": "鞋类及配饰", "sw2": "鞋类及配饰", "sw3": "", "ind": "鞋类及配饰", "fin_source": "futu", "market": "NYSE", "list_date": "19801205", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 38.4, "pe_ttm": 18.285, "pb": 3.832, "dv_ttm": 4.24, "total_mv": 5696635.01952, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [42.9], "rev_series": [464.0], "np_series": [31.1], "roe_series": [22.1], "rev_ttm": 464.0, "np_ttm": 31.1, "ocf_ttm": 28.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 5.0, "gm_median": 42.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.7, "roe_median": 22.1, "commodity": false, "hard_ratio": 18.5, "fix_assets": 69.5, "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": 45.9, "debt_ratio": 61.3, "debt_mv": null, "payout": 78.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 0.2, "np_yoy": -3.4, "np_vol": null, "loss_years": 0, "far_share": 73.0, "earn_yield": 5.5, "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": -38.1, "ret_20": -6.9, "ret_60": -11.7, "ret_120": -28.5, "ret_250": -46.5, "mdd_250": null, "vol_250": null, "pos_52w": 51.5, "eps": 2.1}, "S": {"duration": 37, "pricing": 53, "hard": 30, "bondness": 66}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 78%、股息率 4.2%、最新一年营收增速 0.2%、资产负债率 61%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 42.9%),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": "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 5.0%(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 42.9%。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 18.3 倍 粗算,约 73%(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 -46%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -7% / -12% / -28%。", "行业对照": ["同富途行业「鞋类及配饰」14 家中位:PE 16.0 / 股息率 0.0% / 毛利率 45.0% / 固定资产占比 14% / 分红率 17%。", "耐克:PE 比行业中位高 2.3倍;股息率 比行业中位高 4.2个百分点;毛利率 比行业中位低 2.1个百分点;固定资产占比 比行业中位高 4.1个百分点。"]}}