{"F": {"ts_code": "US.VIPS", "name": "唯品会", "mkt": "US", "ccy": "美元", "sw1": "互联网零售", "sw2": "互联网零售", "sw3": "", "ind": "互联网零售", "fin_source": "futu", "market": "NYSE", "list_date": "20120323", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.2, "pe_ttm": 4.271, "pb": 0.938, "dv_ttm": 4.73, "total_mv": 627660.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [23.1], "rev_series": [151.4], "np_series": [10.6], "roe_series": [17.9], "rev_ttm": 151.4, "np_ttm": 15.2, "ocf_ttm": 10.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 17.0, "gm_median": 23.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 7.0, "roe_median": 17.9, "commodity": false, "hard_ratio": 17.9, "fix_assets": 19.3, "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": 15.5, "debt_ratio": 43.6, "debt_mv": null, "payout": 20.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 1.9, "np_yoy": -1.4, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 23.4, "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": -22.3, "ret_20": -15.8, "ret_60": -3.7, "ret_120": -13.7, "ret_250": -21.0, "mdd_250": null, "vol_250": null, "pos_52w": 65.2, "eps": 2.104}, "S": {"duration": 10, "pricing": 44, "hard": 29, "bondness": 48}, "label": "中性", "tags": ["股息率≥4%"], "text": {"像什么": ["PE 4.3 倍、股息率 4.7%、毛利率最新年报 23.1%、固定资产占比 18%、资产负债率 44%:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 18%,毛利率最新年报 23.1%。", "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 17.0%(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 23.1%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 18%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 4.3 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -21%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -16% / -4% / -14%。", "行业对照": ["同富途行业「互联网零售」40 家中位:PE 30.9 / 股息率 0.0% / 毛利率 44.1% / 固定资产占比 9% / 分红率 0%。", "唯品会:PE 比行业中位低 26.6倍;股息率 比行业中位高 4.7个百分点;毛利率 比行业中位低 21.0个百分点;固定资产占比 比行业中位高 8.8个百分点。"]}}