{"F": {"ts_code": "US.UL", "name": "联合利华(英国)", "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": "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": 64.2, "pe_ttm": 13.024, "pb": 7.343, "dv_ttm": 3.47, "total_mv": 13823959.733520001, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [46.9], "rev_series": [593.3], "np_series": [117.6], "roe_series": [53.3], "rev_ttm": 593.3, "np_ttm": 107.7, "ocf_ttm": 100.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 7.3, "gm_median": 46.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 19.8, "roe_median": 53.3, "commodity": false, "hard_ratio": 14.0, "fix_assets": 116.1, "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": 130.9, "debt_ratio": 75.0, "debt_mv": null, "payout": 45.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 8.6, "np_yoy": 77.5, "np_vol": null, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.7, "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": 0.7, "ret_20": 2.0, "ret_60": 10.4, "ret_120": -0.1, "ret_250": -7.7, "mdd_250": null, "vol_250": null, "pos_52w": 87.8, "eps": 5.022}, "S": {"duration": 28, "pricing": 55, "hard": 22, "bondness": 50}, "label": "成长兑现", "tags": ["轻资产现金牛", "现金流红利"], "text": {"像什么": ["盈利在追估值:最新净利润同比 78%,PE TTM 13.0 倍,历史 PEG(PE ÷ 最新增速)0.17。", "经营现金流 100.5 亿(正),没有一致预期数据,风险在增速能否延续。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 46.9%),硬资产占比 14%。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": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 7.3%(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 46.9%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 14%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.0 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -8%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 2% / 10% / -0%。", "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%。", "联合利华(英国):PE 比行业中位低 9.1倍;股息率 比行业中位高 3.5个百分点;毛利率 比行业中位低 1.9个百分点;固定资产占比 比行业中位高 0.7个百分点。"]}}