{"F": {"ts_code": "US.SWIM", "name": "Latham Group", "mkt": "US", "ccy": "美元", "sw1": "建筑产品与设备", "sw2": "建筑产品与设备", "sw3": "", "ind": "建筑产品与设备", "fin_source": "futu", "market": "NASDAQ", "list_date": "20210423", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.1, "pe_ttm": 142.0, "pb": 2.03, "dv_ttm": 0.0, "total_mv": 83528.72106, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [33.4], "rev_series": [5.5], "np_series": [0.1], "roe_series": [2.8], "rev_ttm": 5.5, "np_ttm": 0.1, "ocf_ttm": 0.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.6, "gm_median": 33.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.0, "roe_median": 2.8, "commodity": false, "hard_ratio": 13.5, "fix_assets": 1.1, "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": 0.9, "debt_ratio": 50.7, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 7.4, "np_yoy": 162.3, "np_vol": null, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.7, "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": 11.8, "ret_20": -5.1, "ret_60": 33.2, "ret_120": 16.0, "ret_250": -13.0, "mdd_250": null, "vol_250": null, "pos_52w": 79.2, "eps": 0.09}, "S": {"duration": 97, "pricing": 49, "hard": 22, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 142.0 倍、股息率 0.0%、毛利率最新年报 33.4%、固定资产占比 14%、资产负债率 51%: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 33.4%),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 9.6%(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 33.4%。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 142.0 倍 粗算,约 96%(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 -13%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 -5% / 33% / 16%。", "行业对照": ["同富途行业「建筑产品与设备」37 家中位:PE 26.2 / 股息率 0.0% / 毛利率 31.6% / 固定资产占比 17% / 分红率 16%。", "Latham Group:PE 比行业中位高 115.8倍;股息率 与行业中位持平;毛利率 比行业中位高 1.8个百分点;固定资产占比 比行业中位低 3.6个百分点。"]}}