{"F": {"ts_code": "US.NUS", "name": "如新集团", "mkt": "US", "ccy": "美元", "sw1": "家庭和个人用品", "sw2": "家庭和个人用品", "sw3": "", "ind": "家庭和个人用品", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.84, "pe_ttm": -1.068, "pb": 0.434, "dv_ttm": 4.96, "total_mv": 23559.490856, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [69.4], "rev_series": [14.9], "np_series": [1.6], "roe_series": [22.0], "rev_ttm": 14.9, "np_ttm": -2.2, "ocf_ttm": 0.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 21.6, "gm_median": 69.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 10.8, "roe_median": 22.0, "commodity": false, "hard_ratio": 29.3, "fix_assets": 4.2, "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": 2.6, "debt_ratio": 42.7, "debt_mv": null, "payout": null, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -14.3, "np_yoy": 209.3, "np_vol": null, "loss_years": 1, "far_share": 100, "earn_yield": null, "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": -48.2, "ret_20": -10.7, "ret_60": -9.7, "ret_120": -31.3, "ret_250": -56.4, "mdd_250": null, "vol_250": null, "pos_52w": 34.3, "eps": 3.18}, "S": {"duration": 100, "pricing": 67, "hard": 47, "bondness": 43}, "label": "定价权·品牌", "tags": ["亏损或困境", "股息率≥4%"], "text": {"像什么": ["没有硬资产(固定资产占比 29%)但有定价权:毛利率最新年报 69.4%、ROE 最新年报 22.0%。", "经营现金流/市值 21.6%,分红率 —,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 69.4%),硬资产占比 29%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 21.6%(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 69.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 29%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -56%,现价在 52 周高点的 34%;近 20 / 60 / 120 日 -11% / -10% / -31%。", "行业对照": ["同富途行业「家庭和个人用品」31 家中位:PE 22.1 / 股息率 0.0% / 毛利率 48.8% / 固定资产占比 13% / 分红率 61%。", "如新集团:PE 比行业中位低 23.2倍;股息率 比行业中位高 5.0个百分点;毛利率 比行业中位高 20.6个百分点;固定资产占比 比行业中位高 16.0个百分点。"]}}