{"F": {"ts_code": "US.PFE", "name": "辉瑞", "mkt": "US", "ccy": "美元", "sw1": "一般药品制造商", "sw2": "一般药品制造商", "sw3": "", "ind": "一般药品制造商", "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": 28.45, "pe_ttm": 37.434, "pb": 1.903, "dv_ttm": 6.05, "total_mv": 16215571.360705, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [74.3], "rev_series": [625.8], "np_series": [78.1], "roe_series": [8.9], "rev_ttm": 625.8, "np_ttm": 43.3, "ocf_ttm": 134.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 8.3, "gm_median": 74.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 12.5, "roe_median": 8.9, "commodity": false, "hard_ratio": 8.5, "fix_assets": 178.9, "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": 167.8, "debt_ratio": 58.3, "debt_mv": null, "payout": 226.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -1.6, "np_yoy": -3.1, "np_vol": null, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.7, "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": 20.2, "ret_20": 6.3, "ret_60": 13.1, "ret_120": 10.6, "ret_250": 24.0, "mdd_250": null, "vol_250": null, "pos_52w": 97.4, "eps": 1.36}, "S": {"duration": 61, "pricing": 69, "hard": 14, "bondness": 78}, "label": "轻资产现金牛", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["固定资产占比 8%,毛利率最新年报 74.3%,经营现金流/市值 8.3%: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 74.3%),硬资产占比 8%。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 8.3%(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 74.3%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 8%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 37.4 倍 粗算,约 87%(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 24%,现价在 52 周高点的 97%;近 20 / 60 / 120 日 6% / 13% / 11%。", "行业对照": ["同富途行业「一般药品制造商」21 家中位:PE 24.4 / 股息率 2.1% / 毛利率 72.2% / 固定资产占比 10% / 分红率 56%。", "辉瑞:PE 比行业中位高 13.0倍;股息率 比行业中位高 3.9个百分点;毛利率 比行业中位高 2.1个百分点;固定资产占比 比行业中位低 1.8个百分点。"]}}