{"F": {"ts_code": "US.PWR", "name": "广达服务", "mkt": "US", "ccy": "美元", "sw1": "建筑工程", "sw2": "建筑工程", "sw3": "", "ind": "建筑工程", "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": 624.41, "pe_ttm": 71.442, "pb": 9.74, "dv_ttm": 0.07, "total_mv": 9387591.802313, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [15.0], "rev_series": [284.8], "np_series": [10.4], "roe_series": [12.7], "rev_ttm": 284.8, "np_ttm": 13.3, "ocf_ttm": 31.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 3.4, "gm_median": 15.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 3.7, "roe_median": 12.7, "commodity": false, "hard_ratio": 12.7, "fix_assets": 27.7, "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": 25.6, "debt_ratio": 63.8, "debt_mv": null, "payout": 5.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 20.3, "np_yoy": 12.4, "np_vol": null, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.4, "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": 48.0, "ret_20": -7.1, "ret_60": -4.1, "ret_120": 8.8, "ret_250": 66.4, "mdd_250": null, "vol_250": null, "pos_52w": 79.2, "eps": 6.8}, "S": {"duration": 83, "pricing": 40, "hard": 20, "bondness": 15}, "label": "纯久期", "tags": [], "text": {"像什么": ["PE TTM 71.4 倍,估值里约 93% 来自 5 年后的假设;固定资产占比 13%,几乎没有重置成本可言。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 13%,毛利率最新年报 15.0%。", "加息期怎么走": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 3.4%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 15.0%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 13%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 71.4 倍 粗算,约 93%(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 66%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 -7% / -4% / 9%。", "行业对照": ["同富途行业「建筑工程」52 家中位:PE 30.5 / 股息率 0.0% / 毛利率 15.6% / 固定资产占比 12% / 分红率 1%。", "广达服务:PE 比行业中位高 40.9倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位低 0.6个百分点;固定资产占比 比行业中位高 0.4个百分点。"]}}