{"F": {"ts_code": "US.SBLK", "name": "Star Bulk Carriers", "mkt": "US", "ccy": "美元", "sw1": "海运", "sw2": "海运", "sw3": "", "ind": "海运", "fin_source": "futu", "market": "NASDAQ", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 32.42, "pe_ttm": 12.713, "pb": 1.438, "dv_ttm": 3.18, "total_mv": 362038.63341199997, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [20.3], "rev_series": [10.4], "np_series": [0.8], "roe_series": [3.4], "rev_ttm": 10.4, "np_ttm": 2.9, "ocf_ttm": 4.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 12.6, "gm_median": 20.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 8.1, "roe_median": 3.4, "commodity": false, "hard_ratio": 55.2, "fix_assets": 21.8, "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": 3.2, "debt_ratio": 35.6, "debt_mv": null, "payout": 40.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -17.6, "np_yoy": -72.4, "np_vol": null, "loss_years": 0, "far_share": 61.0, "earn_yield": 7.9, "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": 80.0, "ret_20": 15.6, "ret_60": 28.1, "ret_120": 53.2, "ret_250": 78.8, "mdd_250": null, "vol_250": null, "pos_52w": 98.6, "eps": 0.73}, "S": {"duration": 27, "pricing": 42, "hard": 88, "bondness": 46}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 40%、股息率 3.2%、最新一年营收增速 -17.6%、资产负债率 36%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 55%),没有定价权:毛利率最新年报 20.3%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 12.6%(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 20.3%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 55%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.7 倍 粗算,约 61%(1 − 5/PE)。中等。"]], "价格行为": "近一年 79%,现价在 52 周高点的 99%;近 20 / 60 / 120 日 16% / 28% / 53%。", "行业对照": ["同富途行业「海运」39 家中位:PE 7.1 / 股息率 0.6% / 毛利率 26.5% / 固定资产占比 51% / 分红率 18%。", "Star Bulk Carriers:PE 比行业中位高 5.6倍;股息率 比行业中位高 2.6个百分点;毛利率 比行业中位低 6.2个百分点;固定资产占比 比行业中位高 4.4个百分点。"]}}