{"F": {"ts_code": "US.TNET", "name": "TriNet Group", "mkt": "US", "ccy": "美元", "sw1": "人力资源与就业服务", "sw2": "人力资源与就业服务", "sw3": "", "ind": "人力资源与就业服务", "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": 69.06, "pe_ttm": 18.318, "pb": 25.361, "dv_ttm": 1.64, "total_mv": 317018.120628, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [17.7], "rev_series": [50.1], "np_series": [1.6], "roe_series": [252.0], "rev_ttm": 50.1, "np_ttm": 1.8, "ocf_ttm": 3.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 11.7, "gm_median": 17.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 3.1, "roe_median": 252.0, "commodity": false, "hard_ratio": 0.9, "fix_assets": 0.4, "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": 3.5, "debt_ratio": 98.6, "debt_mv": null, "payout": 30.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -0.8, "np_yoy": -10.4, "np_vol": null, "loss_years": 0, "far_share": 73.0, "earn_yield": 5.5, "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": 19.0, "ret_20": 0.8, "ret_60": 45.1, "ret_120": 88.5, "ret_250": 1.6, "mdd_250": null, "vol_250": null, "pos_52w": 94.5, "eps": 3.2}, "S": {"duration": 37, "pricing": 41, "hard": 1, "bondness": 33}, "label": "中性", "tags": [], "text": {"像什么": ["PE 18.3 倍、股息率 1.6%、毛利率最新年报 17.7%、固定资产占比 1%、资产负债率 99%:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 1%,毛利率最新年报 17.7%。", "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 11.7%(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 17.7%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 1%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.3 倍 粗算,约 73%(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 2%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 1% / 45% / 88%。", "行业对照": ["同富途行业「人力资源与就业服务」19 家中位:PE 26.5 / 股息率 0.9% / 毛利率 27.4% / 固定资产占比 4% / 分红率 40%。", "TriNet Group:PE 比行业中位低 8.2倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位低 9.7个百分点;固定资产占比 比行业中位低 3.6个百分点。"]}}