{"F": {"ts_code": "US.NMM", "name": "Navios Maritime", "mkt": "US", "ccy": "美元", "sw1": "海运", "sw2": "海运", "sw3": "", "ind": "海运", "fin_source": "futu", "market": "NYSE", "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": 92.16, "pe_ttm": 6.027, "pb": -4608.0, "dv_ttm": 0.23, "total_mv": 261961.288704, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [35.9], "rev_series": [13.4], "np_series": [2.9], "roe_series": [0.0], "rev_ttm": 13.4, "np_ttm": 4.4, "ocf_ttm": 5.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 20.6, "gm_median": 35.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 21.2, "roe_median": 0.0, "commodity": false, "hard_ratio": 50.8, "fix_assets": 29.5, "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": 7.5, "debt_ratio": 43.7, "debt_mv": null, "payout": 1.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 0.8, "np_yoy": -22.3, "np_vol": null, "loss_years": 0, "far_share": 17.0, "earn_yield": 16.6, "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": 76.2, "ret_20": 16.2, "ret_60": 27.9, "ret_120": 47.1, "ret_250": 88.0, "mdd_250": null, "vol_250": null, "pos_52w": 99.4, "eps": 9.59}, "S": {"duration": 14, "pricing": 50, "hard": 81, "bondness": 15}, "label": "钱的替代品", "tags": [], "text": {"像什么": ["硬资产:固定资产 30 亿,占总资产 51%,重置成本随通胀上升。", "定价权:毛利率最新年报 35.9%。", "当期现金流:经营现金流/市值 20.6%,股息率 0.2%,估值里 5 年后的故事约占 17%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 51%)和定价权(毛利率 35.9% 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 20.6%(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 35.9%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 51%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.0 倍 粗算,约 17%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 88%,现价在 52 周高点的 99%;近 20 / 60 / 120 日 16% / 28% / 47%。 钱的替代品是体制切换的 β:过去一年已经跑过,加仓看信号。", "行业对照": ["同富途行业「海运」39 家中位:PE 7.1 / 股息率 0.6% / 毛利率 26.5% / 固定资产占比 51% / 分红率 18%。", "Navios Maritime:PE 比行业中位低 1.1倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 9.4个百分点;固定资产占比 与行业中位持平。"]}}