{"F": {"ts_code": "US.PAYP", "name": "PayPay", "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": "NASDAQ", "list_date": "20260312", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.04, "pe_ttm": 15.618, "pb": 4.559, "dv_ttm": 0.0, "total_mv": 1153851.90204, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [84.0], "rev_series": [24.0], "np_series": [7.4], "roe_series": [46.6], "rev_ttm": 24.0, "np_ttm": 7.7, "ocf_ttm": 14.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 12.4, "gm_median": 84.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 30.9, "roe_median": 46.6, "commodity": false, "hard_ratio": 0.4, "fix_assets": 1.3, "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": 7.3, "debt_ratio": 91.7, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 20.3, "np_yoy": 184.3, "np_vol": null, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.4, "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": 6.5, "ret_20": 11.0, "ret_60": 26.7, "ret_120": -11.9, "ret_250": 6.5, "mdd_250": null, "vol_250": null, "pos_52w": 68.5, "eps": 1.091}, "S": {"duration": 32, "pricing": 74, "hard": 1, "bondness": 13}, "label": "定价权·品牌", "tags": ["成长兑现", "轻资产现金牛"], "text": {"像什么": ["没有硬资产(固定资产占比 0%)但有定价权:毛利率最新年报 84.0%、ROE 最新年报 46.6%。", "经营现金流/市值 12.4%,分红率 0%,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 84.0%),硬资产占比 0%。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 12.4%(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 84.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 0%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.6 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 6%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 11% / 27% / -12%。", "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%。", "PayPay:PE 比行业中位低 8.4倍;股息率 与行业中位持平;毛利率 比行业中位高 27.6个百分点;固定资产占比 比行业中位低 4.0个百分点。"]}}