{"F": {"ts_code": "US.SHOE", "name": "Shoe Station Group", "mkt": "US", "ccy": "美元", "sw1": "服装零售", "sw2": "服装零售", "sw3": "", "ind": "服装零售", "fin_source": "futu", "market": "NASDAQ", "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": 14.07, "pe_ttm": 10.422, "pb": 0.567, "dv_ttm": 4.41, "total_mv": 38201.890356, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [36.6], "rev_series": [11.4], "np_series": [0.5], "roe_series": [7.8], "rev_ttm": 11.4, "np_ttm": 0.4, "ocf_ttm": 1.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 27.2, "gm_median": 36.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 4.6, "roe_median": 7.8, "commodity": false, "hard_ratio": 35.1, "fix_assets": 4.1, "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": 1.1, "debt_ratio": 42.6, "debt_mv": null, "payout": 46.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -5.6, "np_yoy": -29.1, "np_vol": null, "loss_years": 0, "far_share": 52.0, "earn_yield": 9.6, "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": -14.1, "ret_20": -10.7, "ret_60": -14.5, "ret_120": -18.3, "ret_250": -39.9, "mdd_250": null, "vol_250": null, "pos_52w": 57.9, "eps": 1.9}, "S": {"duration": 23, "pricing": 50, "hard": 56, "bondness": 56}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 46%、股息率 4.4%、最新一年营收增速 -5.6%、资产负债率 43%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 35%、毛利率 36.6% 两条都占,但所在行业(服装零售)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 27.2%(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 36.6%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 35%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.4 倍 粗算,约 52%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -40%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -11% / -14% / -18%。", "行业对照": ["同富途行业「服装零售」34 家中位:PE 13.8 / 股息率 0.0% / 毛利率 40.2% / 固定资产占比 41% / 分红率 0%。", "Shoe Station Group:PE 比行业中位低 3.4倍;股息率 比行业中位高 4.4个百分点;毛利率 比行业中位低 3.6个百分点;固定资产占比 比行业中位低 6.1个百分点。"]}}