{"F": {"ts_code": "US.UG", "name": "守护者联盟", "mkt": "US", "ccy": "美元", "sw1": "家庭和个人用品", "sw2": "家庭和个人用品", "sw3": "", "ind": "家庭和个人用品", "fin_source": "futu", "market": "NASDAQ", "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": 7.135, "pe_ttm": 13.212, "pb": 2.817, "dv_ttm": 7.01, "total_mv": 3278.0466065, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [48.8], "rev_series": [0.1], "np_series": [0.0], "roe_series": [18.2], "rev_ttm": 0.1, "np_ttm": 0.0, "ocf_ttm": 0.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 10.6, "gm_median": 48.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 20.0, "roe_median": 18.2, "commodity": false, "hard_ratio": 30.4, "fix_assets": 0.0, "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": 14.3, "debt_mv": null, "payout": 93.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -13.4, "np_yoy": -35.2, "np_vol": null, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.6, "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": 24.6, "ret_20": -2.1, "ret_60": 7.3, "ret_120": 13.2, "ret_250": -9.2, "mdd_250": null, "vol_250": null, "pos_52w": 87.6, "eps": 0.46}, "S": {"duration": 28, "pricing": 56, "hard": 49, "bondness": 76}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 93%、股息率 7.0%、最新一年营收增速 -13.4%、资产负债率 14%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 30%、毛利率 48.8% 两条都占,但所在行业(家庭和个人用品)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 10.6%(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 48.8%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 30%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.2 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -9%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 -2% / 7% / 13%。", "行业对照": ["同富途行业「家庭和个人用品」31 家中位:PE 22.1 / 股息率 0.0% / 毛利率 48.8% / 固定资产占比 13% / 分红率 61%。", "守护者联盟:PE 比行业中位低 8.9倍;股息率 比行业中位高 7.0个百分点;毛利率 与行业中位持平;固定资产占比 比行业中位高 17.1个百分点。"]}}