{"F": {"ts_code": "US.PLTK", "name": "Playtika Holding", "mkt": "US", "ccy": "美元", "sw1": "电子游戏与多媒体", "sw2": "电子游戏与多媒体", "sw3": "", "ind": "电子游戏与多媒体", "fin_source": "futu", "market": "NASDAQ", "list_date": "20210115", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.2, "pe_ttm": -2.933, "pb": -2.099, "dv_ttm": 9.09, "total_mv": 83912.00092, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [72.5], "rev_series": [27.6], "np_series": [-2.1], "roe_series": [0.0], "rev_ttm": 27.6, "np_ttm": -2.8, "ocf_ttm": 4.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 54.1, "gm_median": 72.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -7.5, "roe_median": 0.0, "commodity": false, "hard_ratio": 6.1, "fix_assets": 2.3, "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": 2.1, "debt_ratio": 111.1, "debt_mv": null, "payout": null, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 8.1, "np_yoy": -227.2, "np_vol": null, "loss_years": 1, "far_share": 100, "earn_yield": null, "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": -44.3, "ret_20": -25.2, "ret_60": -30.2, "ret_120": -21.7, "ret_250": -38.4, "mdd_250": null, "vol_250": null, "pos_52w": 50.5, "eps": -0.55}, "S": {"duration": 100, "pricing": 68, "hard": 10, "bondness": 43}, "label": "轻资产现金牛", "tags": ["亏损或困境", "股息率≥4%"], "text": {"像什么": ["固定资产占比 6%,毛利率最新年报 72.5%,经营现金流/市值 54.1%: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 72.5%),硬资产占比 6%。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 54.1%(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 72.5%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 6%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -38%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -25% / -30% / -22%。", "行业对照": ["同富途行业「电子游戏与多媒体」21 家中位:PE 8.7 / 股息率 0.0% / 毛利率 64.3% / 固定资产占比 5% / 分红率 0%。", "Playtika Holding:PE 比行业中位低 11.6倍;股息率 比行业中位高 9.1个百分点;毛利率 比行业中位高 8.2个百分点;固定资产占比 比行业中位高 1.5个百分点。"]}}