{"F": {"ts_code": "US.UGP", "name": "Ultrapar Participacoes", "mkt": "US", "ccy": "美元", "sw1": "油气炼制与销售", "sw2": "油气炼制与销售", "sw3": "", "ind": "油气炼制与销售", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.28, "pe_ttm": 11.704, "pb": 2.206, "dv_ttm": 3.46, "total_mv": 775771.378928, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [6.6], "rev_series": [260.0], "np_series": [4.6], "roe_series": [15.9], "rev_ttm": 260.0, "np_ttm": 6.6, "ocf_ttm": 19.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 25.3, "gm_median": 6.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 1.8, "roe_median": 15.9, "commodity": true, "hard_ratio": 23.4, "fix_assets": 18.0, "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": 14.3, "debt_ratio": 64.1, "debt_mv": null, "payout": 40.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 20.3, "np_yoy": 13.5, "np_vol": null, "loss_years": 0, "far_share": 57.0, "earn_yield": 8.5, "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": 98.8, "ret_20": 22.5, "ret_60": 54.6, "ret_120": 51.7, "ret_250": 105.1, "mdd_250": null, "vol_250": null, "pos_52w": 98.9, "eps": 0.439}, "S": {"duration": 25, "pricing": 70, "hard": 37, "bondness": 48}, "label": "现金流红利", "tags": ["商品定价"], "text": {"像什么": ["分红率 40%、股息率 3.5%、最新一年营收增速 20.3%、资产负债率 64%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 6.6%),硬资产占比 23%。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。", "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 25.3%(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 6.6%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 23%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.7 倍 粗算,约 57%(1 − 5/PE)。中等。"]], "价格行为": "近一年 105%,现价在 52 周高点的 99%;近 20 / 60 / 120 日 22% / 55% / 52%。", "行业对照": ["同富途行业「油气炼制与销售」19 家中位:PE 15.0 / 股息率 1.5% / 毛利率 6.6% / 固定资产占比 34% / 分红率 28%。", "Ultrapar Participacoes:PE 比行业中位低 3.3倍;股息率 比行业中位高 2.0个百分点;毛利率 与行业中位持平;固定资产占比 比行业中位低 10.4个百分点。"]}}