{"F": {"ts_code": "US.PHG", "name": "飞利浦", "mkt": "US", "ccy": "美元", "sw1": "医疗设备", "sw2": "医疗设备", "sw3": "", "ind": "医疗设备", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.89, "pe_ttm": 19.364, "pb": 1.901, "dv_ttm": 3.83, "total_mv": 2530559.725008, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [45.2], "rev_series": [209.5], "np_series": [10.5], "roe_series": [7.8], "rev_ttm": 209.5, "np_ttm": 12.9, "ocf_ttm": 26.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 10.5, "gm_median": 45.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 5.0, "roe_median": 7.8, "commodity": false, "hard_ratio": 11.1, "fix_assets": 34.2, "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": 30.5, "debt_ratio": 59.2, "debt_mv": null, "payout": 74.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 11.7, "np_yoy": 245.1, "np_vol": null, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.2, "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": -0.8, "ret_20": -3.1, "ret_60": 0.9, "ret_120": -4.9, "ret_250": -3.5, "mdd_250": null, "vol_250": null, "pos_52w": 80.4, "eps": 1.081}, "S": {"duration": 38, "pricing": 55, "hard": 18, "bondness": 62}, "label": "成长兑现", "tags": ["轻资产现金牛", "现金流红利"], "text": {"像什么": ["盈利在追估值:最新净利润同比 245%,PE TTM 19.4 倍,历史 PEG(PE ÷ 最新增速)0.08。", "经营现金流 26.6 亿(正),没有一致预期数据,风险在增速能否延续。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 45.2%),硬资产占比 11%。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": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 10.5%(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 45.2%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 11%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.4 倍 粗算,约 74%(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 -4%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 -3% / 1% / -5%。", "行业对照": ["同富途行业「医疗设备」144 家中位:PE 26.7 / 股息率 0.0% / 毛利率 57.5% / 固定资产占比 10% / 分红率 0%。", "飞利浦:PE 比行业中位低 7.3倍;股息率 比行业中位高 3.8个百分点;毛利率 比行业中位低 12.3个百分点;固定资产占比 比行业中位高 1.5个百分点。"]}}