{"F": {"ts_code": "US.THM", "name": "International Tower Hill Mines", "mkt": "US", "ccy": "美元", "sw1": "黄金", "sw2": "黄金", "sw3": "", "ind": "黄金", "fin_source": "futu", "market": "AMEX", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": true, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.51, "pe_ttm": -251.0, "pb": 3.965, "dv_ttm": 0.0, "total_mv": 65671.005723, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [null], "rev_series": [0.0], "np_series": [-0.0], "roe_series": [-8.2], "rev_ttm": null, "np_ttm": -0.0, "ocf_ttm": -0.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -0.3, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 0.0, "roe_median": -8.2, "commodity": true, "hard_ratio": null, "fix_assets": null, "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": -0.0, "debt_ratio": 0.9, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 0.0, "np_yoy": -28.9, "np_vol": null, "loss_years": 1, "far_share": 100, "earn_yield": null, "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": 34.9, "ret_20": 8.7, "ret_60": 32.8, "ret_120": -0.8, "ret_250": 57.9, "mdd_250": null, "vol_250": null, "pos_52w": 68.8, "eps": -0.02}, "S": {"duration": 100, "pricing": 70, "hard": 0, "bondness": 13}, "label": "中性", "tags": ["商品定价"], "text": {"像什么": ["PE -251.0 倍、股息率 0.0%、毛利率最新年报 —、固定资产占比 —、资产负债率 1%: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 —),硬资产占比 —。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。 注意:金矿股不等于黄金,有运营杠杆和自身成本通胀,对冲美元信用直接买黄金 ETF 更纯。", "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 -0.3%(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?", "毛利率未披露(公用事业 / 地产 / 综合企业常见)。无法从毛利率判断。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 —。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 58%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 9% / 33% / -1%。", "行业对照": ["同富途行业「黄金」53 家中位:PE 14.2 / 股息率 0.0% / 毛利率 50.2% / 固定资产占比 55% / 分红率 6%。", "International Tower Hill Mines:PE 比行业中位低 265.2倍;股息率 与行业中位持平;毛利率 ;固定资产占比 。"]}}