{"F": {"ts_code": "US.ROL", "name": "Rollins", "mkt": "US", "ccy": "美元", "sw1": "个性化服务", "sw2": "个性化服务", "sw3": "", "ind": "个性化服务", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 35.86, "pe_ttm": 32.6, "pb": 12.07, "dv_ttm": 1.99, "total_mv": 1725387.418744, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [52.8], "rev_series": [37.6], "np_series": [5.3], "roe_series": [38.9], "rev_ttm": 37.6, "np_ttm": 5.3, "ocf_ttm": 6.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 3.7, "gm_median": 52.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 14.0, "roe_median": 38.9, "commodity": false, "hard_ratio": 14.3, "fix_assets": 4.3, "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": 8.5, "debt_ratio": 56.2, "debt_mv": null, "payout": 65.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 11.0, "np_yoy": 12.9, "np_vol": null, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.1, "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": -39.6, "ret_20": -4.5, "ret_60": -24.6, "ret_120": -34.3, "ret_250": -36.3, "mdd_250": null, "vol_250": null, "pos_52w": 54.8, "eps": 1.09}, "S": {"duration": 56, "pricing": 58, "hard": 23, "bondness": 48}, "label": "定价权·品牌", "tags": [], "text": {"像什么": ["没有硬资产(固定资产占比 14%)但有定价权:毛利率最新年报 52.8%、ROE 最新年报 38.9%。", "经营现金流/市值 3.7%,分红率 65%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 52.8%),硬资产占比 14%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 3.7%(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 52.8%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 14%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.6 倍 粗算,约 85%(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 -36%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -4% / -25% / -34%。", "行业对照": ["同富途行业「个性化服务」13 家中位:PE 15.0 / 股息率 0.0% / 毛利率 29.0% / 固定资产占比 19% / 分红率 0%。", "Rollins:PE 比行业中位高 17.6倍;股息率 比行业中位高 2.0个百分点;毛利率 比行业中位高 23.8个百分点;固定资产占比 比行业中位低 4.9个百分点。"]}}