{"F": {"ts_code": "US.STZ", "name": "星座品牌", "mkt": "US", "ccy": "美元", "sw1": "啤酒", "sw2": "啤酒", "sw3": "", "ind": "啤酒", "fin_source": "futu", "market": "NYSE", "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": 128.18, "pe_ttm": 12.207, "pb": 2.651, "dv_ttm": 3.19, "total_mv": 2189037.967012, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [51.6], "rev_series": [91.4], "np_series": [17.6], "roe_series": [22.5], "rev_ttm": 91.4, "np_ttm": 18.2, "ocf_ttm": 26.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 12.3, "gm_median": 51.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 19.2, "roe_median": 22.5, "commodity": false, "hard_ratio": 26.1, "fix_assets": 56.8, "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": 31.6, "debt_ratio": 61.7, "debt_mv": null, "payout": 39.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -10.5, "np_yoy": 5748.9, "np_vol": null, "loss_years": 0, "far_share": 59.0, "earn_yield": 8.2, "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": -5.1, "ret_20": -5.6, "ret_60": -9.2, "ret_120": -13.9, "ret_250": -9.7, "mdd_250": null, "vol_250": null, "pos_52w": 77.1, "eps": 9.61}, "S": {"duration": 26, "pricing": 58, "hard": 42, "bondness": 46}, "label": "定价权·品牌", "tags": ["成长兑现"], "text": {"像什么": ["没有硬资产(固定资产占比 26%)但有定价权:毛利率最新年报 51.6%、ROE 最新年报 22.5%。", "经营现金流/市值 12.3%,分红率 39%,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 51.6%),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": "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 12.3%(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 51.6%。能。"], ["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 12.2 倍 粗算,约 59%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -10%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -6% / -9% / -14%。", "行业对照": ["同富途行业「啤酒」8 家中位:PE 17.3 / 股息率 3.6% / 毛利率 46.5% / 固定资产占比 26% / 分红率 58%。", "星座品牌:PE 比行业中位低 5.1倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 5.1个百分点;固定资产占比 与行业中位持平。"]}}