{"F": {"ts_code": "US.TTAM", "name": "Titan America", "mkt": "US", "ccy": "美元", "sw1": "建筑材料", "sw2": "建筑材料", "sw3": "", "ind": "建筑材料", "fin_source": "futu", "market": "NYSE", "list_date": "20250207", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.47, "pe_ttm": 16.114, "pb": 2.62, "dv_ttm": 1.03, "total_mv": 285208.73335500003, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [26.1], "rev_series": [16.6], "np_series": [1.9], "roe_series": [20.8], "rev_ttm": 16.6, "np_ttm": 1.8, "ocf_ttm": 3.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 11.4, "gm_median": 26.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 11.1, "roe_median": 20.8, "commodity": false, "hard_ratio": 64.1, "fix_assets": 11.1, "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": 3.8, "debt_ratio": 45.4, "debt_mv": null, "payout": 17.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 1.8, "np_yoy": 11.7, "np_vol": null, "loss_years": 0, "far_share": 69.0, "earn_yield": 6.2, "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": -5.7, "ret_20": -3.4, "ret_60": -1.1, "ret_120": -0.9, "ret_250": 0.3, "mdd_250": null, "vol_250": null, "pos_52w": 79.0, "eps": 1.01}, "S": {"duration": 33, "pricing": 45, "hard": 100, "bondness": 25}, "label": "中性", "tags": [], "text": {"像什么": ["PE 16.1 倍、股息率 1.0%、毛利率最新年报 26.1%、固定资产占比 64%、资产负债率 45%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 64%),没有定价权:毛利率最新年报 26.1%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 11.4%(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 26.1%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 64%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.1 倍 粗算,约 69%(1 − 5/PE)。中等。"]], "价格行为": "近一年 0%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 -3% / -1% / -1%。", "行业对照": ["同富途行业「建筑材料」17 家中位:PE 19.6 / 股息率 0.2% / 毛利率 29.5% / 固定资产占比 42% / 分红率 8%。", "Titan America:PE 比行业中位低 3.5倍;股息率 比行业中位高 0.8个百分点;毛利率 比行业中位低 3.4个百分点;固定资产占比 比行业中位高 21.9个百分点。"]}}