{"F": {"ts_code": "US.SOHU", "name": "搜狐", "mkt": "US", "ccy": "美元", "sw1": "电子游戏与多媒体", "sw2": "电子游戏与多媒体", "sw3": "", "ind": "电子游戏与多媒体", "fin_source": "futu", "market": "NASDAQ", "list_date": "20000712", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.75, "pe_ttm": 0.936, "pb": 0.279, "dv_ttm": 0.0, "total_mv": 35844.90525, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [77.5], "rev_series": [5.8], "np_series": [3.9], "roe_series": [35.8], "rev_ttm": 5.8, "np_ttm": 2.3, "ocf_ttm": -0.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -1.3, "gm_median": 77.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 67.4, "roe_median": 35.8, "commodity": false, "hard_ratio": 14.2, "fix_assets": 2.4, "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": -0.3, "debt_ratio": 21.9, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -2.4, "np_yoy": 493.1, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 106.8, "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": -12.1, "ret_20": 0.3, "ret_60": 0.8, "ret_120": -14.9, "ret_250": -14.5, "mdd_250": null, "vol_250": null, "pos_52w": 79.5, "eps": 13.96}, "S": {"duration": 2, "pricing": 71, "hard": 23, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 0.9 倍、股息率 0.0%、毛利率最新年报 77.5%、固定资产占比 14%、资产负债率 22%: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 77.5%),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": "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 -1.3%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 77.5%。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 0.9 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -14%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 0% / 1% / -15%。", "行业对照": ["同富途行业「电子游戏与多媒体」21 家中位:PE 8.7 / 股息率 0.0% / 毛利率 64.3% / 固定资产占比 5% / 分红率 0%。", "搜狐:PE 比行业中位低 7.8倍;股息率 与行业中位持平;毛利率 比行业中位高 13.2个百分点;固定资产占比 比行业中位高 9.6个百分点。"]}}