{"F": {"ts_code": "US.SNA", "name": "实耐宝", "mkt": "US", "ccy": "美元", "sw1": "工具及配件", "sw2": "工具及配件", "sw3": "", "ind": "工具及配件", "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": 383.0, "pe_ttm": 19.54, "pb": 3.279, "dv_ttm": 2.47, "total_mv": 1981148.8492, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [56.2], "rev_series": [47.4], "np_series": [10.4], "roe_series": [18.0], "rev_ttm": 47.4, "np_ttm": 10.3, "ocf_ttm": 11.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.0, "gm_median": 56.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 22.0, "roe_median": 18.0, "commodity": false, "hard_ratio": 10.5, "fix_assets": 8.6, "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": 14.8, "debt_ratio": 29.2, "debt_mv": null, "payout": 48.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 0.8, "np_yoy": -2.5, "np_vol": null, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.1, "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": 13.3, "ret_20": -7.4, "ret_60": 1.8, "ret_120": 5.0, "ret_250": 20.3, "mdd_250": null, "vol_250": null, "pos_52w": 91.1, "eps": 19.19}, "S": {"duration": 39, "pricing": 60, "hard": 17, "bondness": 45}, "label": "定价权·品牌", "tags": ["轻资产现金牛"], "text": {"像什么": ["没有硬资产(固定资产占比 10%)但有定价权:毛利率最新年报 56.2%、ROE 最新年报 18.0%。", "经营现金流/市值 6.0%,分红率 48%,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 56.2%),硬资产占比 10%。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 6.0%(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 56.2%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 10%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.5 倍 粗算,约 74%(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 20%,现价在 52 周高点的 91%;近 20 / 60 / 120 日 -7% / 2% / 5%。", "行业对照": ["同富途行业「工具及配件」11 家中位:PE 24.4 / 股息率 1.1% / 毛利率 36.2% / 固定资产占比 16% / 分红率 32%。", "实耐宝:PE 比行业中位低 4.9倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位高 20.0个百分点;固定资产占比 比行业中位低 5.7个百分点。"]}}