{"F": {"ts_code": "US.RS", "name": "Reliance", "mkt": "US", "ccy": "美元", "sw1": "钢", "sw2": "钢", "sw3": "", "ind": "钢", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 400.51, "pe_ttm": 23.271, "pb": 2.762, "dv_ttm": 1.22, "total_mv": 2044785.9823049998, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [28.7], "rev_series": [142.9], "np_series": [7.4], "roe_series": [10.3], "rev_ttm": 142.9, "np_ttm": 8.9, "ocf_ttm": 8.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 4.2, "gm_median": 28.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 5.2, "roe_median": 10.3, "commodity": true, "hard_ratio": 26.2, "fix_assets": 26.7, "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": 14.1, "debt_ratio": 30.8, "debt_mv": null, "payout": 28.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 3.3, "np_yoy": -15.5, "np_vol": null, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.3, "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": 40.1, "ret_20": -5.2, "ret_60": 1.9, "ret_120": 35.4, "ret_250": 36.4, "mdd_250": null, "vol_250": null, "pos_52w": 92.6, "eps": 13.98}, "S": {"duration": 44, "pricing": 70, "hard": 42, "bondness": 30}, "label": "中性", "tags": ["商品定价"], "text": {"像什么": ["PE 23.3 倍、股息率 1.2%、毛利率最新年报 28.7%、固定资产占比 26%、资产负债率 31%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 28.7%),硬资产占比 26%。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": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 4.2%(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 28.7%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 26%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.3 倍 粗算,约 79%(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 93%;近 20 / 60 / 120 日 -5% / 2% / 35%。", "行业对照": ["同富途行业「钢」20 家中位:PE 22.1 / 股息率 0.0% / 毛利率 11.8% / 固定资产占比 34% / 分红率 18%。", "Reliance:PE 比行业中位高 1.2倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位高 16.9个百分点;固定资产占比 比行业中位低 7.7个百分点。"]}}