{"F": {"ts_code": "US.PDD", "name": "拼多多", "mkt": "US", "ccy": "美元", "sw1": "互联网零售", "sw2": "互联网零售", "sw3": "", "ind": "互联网零售", "fin_source": "futu", "market": "NASDAQ", "list_date": "20180726", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 82.21, "pe_ttm": 8.881, "pb": 1.757, "dv_ttm": 0.0, "total_mv": 11701742.314102, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [56.3], "rev_series": [617.3], "np_series": [139.9], "roe_series": [26.9], "rev_ttm": 617.3, "np_ttm": 134.9, "ocf_ttm": 163.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 13.9, "gm_median": 56.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 22.7, "roe_median": 26.9, "commodity": false, "hard_ratio": 0.9, "fix_assets": 7.2, "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": 175.0, "debt_ratio": 34.4, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 14.4, "np_yoy": -9.2, "np_vol": null, "loss_years": 0, "far_share": 44.0, "earn_yield": 11.3, "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": -27.5, "ret_20": -10.4, "ret_60": 0.5, "ret_120": -20.8, "ret_250": -34.2, "mdd_250": null, "vol_250": null, "pos_52w": 59.0, "eps": 9.816}, "S": {"duration": 20, "pricing": 60, "hard": 1, "bondness": 13}, "label": "定价权·品牌", "tags": ["轻资产现金牛"], "text": {"像什么": ["没有硬资产(固定资产占比 1%)但有定价权:毛利率最新年报 56.3%、ROE 最新年报 26.9%。", "经营现金流/市值 13.9%,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 56.3%),硬资产占比 1%。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 13.9%(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 56.3%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 1%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.9 倍 粗算,约 44%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -34%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -10% / 0% / -21%。", "行业对照": ["同富途行业「互联网零售」40 家中位:PE 30.9 / 股息率 0.0% / 毛利率 44.1% / 固定资产占比 9% / 分红率 0%。", "拼多多:PE 比行业中位低 22.0倍;股息率 与行业中位持平;毛利率 比行业中位高 12.2个百分点;固定资产占比 比行业中位低 8.2个百分点。"]}}