{"F": {"ts_code": "US.PAGS", "name": "PagSeguro Digital", "mkt": "US", "ccy": "美元", "sw1": "软件基础设施", "sw2": "软件基础设施", "sw3": "", "ind": "软件基础设施", "fin_source": "futu", "market": "NYSE", "list_date": "20180124", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.73, "pe_ttm": 6.623, "pb": 0.942, "dv_ttm": 2.6, "total_mv": 270023.824021, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [52.5], "rev_series": [37.3], "np_series": [3.9], "roe_series": [14.5], "rev_ttm": 37.3, "np_ttm": 4.0, "ocf_ttm": 11.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 41.5, "gm_median": 52.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 10.4, "roe_median": 14.5, "commodity": false, "hard_ratio": 3.4, "fix_assets": 4.3, "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": 16.0, "debt_ratio": 80.3, "debt_mv": null, "payout": 17.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 22.4, "np_yoy": 12.9, "np_vol": null, "loss_years": 0, "far_share": 25.0, "earn_yield": 15.1, "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": 4.4, "ret_20": 6.5, "ret_60": 13.8, "ret_120": 3.9, "ret_250": 7.1, "mdd_250": null, "vol_250": null, "pos_52w": 80.9, "eps": 1.393}, "S": {"duration": 15, "pricing": 58, "hard": 5, "bondness": 35}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 3%,毛利率最新年报 52.5%,经营现金流/市值 41.5%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 52.5%),硬资产占比 3%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 41.5%(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 52.5%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 3%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.6 倍 粗算,约 25%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 7%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 6% / 14% / 4%。", "行业对照": ["同富途行业「软件基础设施」176 家中位:PE 24.0 / 股息率 0.0% / 毛利率 56.4% / 固定资产占比 4% / 分红率 0%。", "PagSeguro Digital:PE 比行业中位低 17.4倍;股息率 比行业中位高 2.6个百分点;毛利率 比行业中位低 3.9个百分点;固定资产占比 比行业中位低 1.0个百分点。"]}}