{"F": {"ts_code": "US.QUAD", "name": "Quad/Graphics", "mkt": "US", "ccy": "美元", "sw1": "专业商务服务", "sw2": "专业商务服务", "sw3": "", "ind": "专业商务服务", "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": 10.7, "pe_ttm": 16.984, "pb": 4.416, "dv_ttm": 3.27, "total_mv": 55063.59314, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [21.6], "rev_series": [24.2], "np_series": [0.3], "roe_series": [30.3], "rev_ttm": 24.2, "np_ttm": 0.3, "ocf_ttm": 1.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 17.5, "gm_median": 21.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 1.1, "roe_median": 30.3, "commodity": false, "hard_ratio": 100.0, "fix_assets": 15.3, "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": 1.6, "debt_ratio": 89.7, "debt_mv": null, "payout": 56.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -9.4, "np_yoy": 153.0, "np_vol": null, "loss_years": 0, "far_share": 71.0, "earn_yield": 5.9, "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": 77.1, "ret_20": 6.2, "ret_60": 42.4, "ret_120": 70.1, "ret_250": 68.0, "mdd_250": null, "vol_250": null, "pos_52w": 97.0, "eps": 0.54}, "S": {"duration": 35, "pricing": 43, "hard": 100, "bondness": 52}, "label": "成长兑现", "tags": ["现金流红利"], "text": {"像什么": ["盈利在追估值:最新净利润同比 153%,PE TTM 17.0 倍,历史 PEG(PE ÷ 最新增速)0.11。", "经营现金流 1.0 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": "只占硬资产一条(占比 100%),没有定价权:毛利率最新年报 21.6%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 17.5%(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 21.6%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 100%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.0 倍 粗算,约 71%(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 68%,现价在 52 周高点的 97%;近 20 / 60 / 120 日 6% / 42% / 70%。", "行业对照": ["同富途行业「专业商务服务」45 家中位:PE 25.3 / 股息率 0.0% / 毛利率 37.0% / 固定资产占比 14% / 分红率 19%。", "Quad/Graphics:PE 比行业中位低 8.3倍;股息率 比行业中位高 3.3个百分点;毛利率 比行业中位低 15.4个百分点;固定资产占比 比行业中位高 85.6个百分点。"]}}