{"F": {"ts_code": "US.TU", "name": "泰勒斯", "mkt": "US", "ccy": "美元", "sw1": "电信服务", "sw2": "电信服务", "sw3": "", "ind": "电信服务", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.67, "pe_ttm": -22.593, "pb": 1.581, "dv_ttm": 12.17, "total_mv": 1523025.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [62.1], "rev_series": [148.5], "np_series": [5.7], "roe_series": [7.1], "rev_ttm": 148.5, "np_ttm": -6.3, "ocf_ttm": 35.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 23.6, "gm_median": 62.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 3.8, "roe_median": 7.1, "commodity": false, "hard_ratio": 41.7, "fix_assets": 174.9, "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": 49.5, "debt_ratio": 72.2, "debt_mv": null, "payout": null, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 5.9, "np_yoy": -13.2, "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": -23.0, "ret_20": -0.5, "ret_60": -18.5, "ret_120": -25.9, "ret_250": -35.7, "mdd_250": null, "vol_250": null, "pos_52w": 63.5, "eps": 0.522}, "S": {"duration": 100, "pricing": 63, "hard": 67, "bondness": 43}, "label": "亏损或困境", "tags": ["股息率≥4%"], "text": {"像什么": ["TTM 归母净利 -6.3 亿;PE 为负,估值指标失真。", "资产负债率 72%,有息负债 —,经营现金流/市值 23.6%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "硬资产占比 42%、毛利率 62.1% 看起来两条都占,但价格受管制(电信服务:电价/通行费/港口费由主管部门或市场化机制定),高毛利来自成本结构不是提价能力。通胀来了它不能提价,利润跟不上通胀,所以不算。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 23.6%(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 62.1%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 42%。涨。"], ["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 -36%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -0% / -18% / -26%。", "行业对照": ["同富途行业「电信服务」57 家中位:PE 13.1 / 股息率 0.0% / 毛利率 59.6% / 固定资产占比 31% / 分红率 23%。", "泰勒斯:PE 比行业中位低 35.7倍;股息率 比行业中位高 12.2个百分点;毛利率 比行业中位高 2.5个百分点;固定资产占比 比行业中位高 10.8个百分点。"]}}