{"F": {"ts_code": "US.VOD", "name": "沃达丰", "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": "NASDAQ", "list_date": "20091029", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 16.9, "pe_ttm": -88.02, "pb": 0.664, "dv_ttm": 3.17, "total_mv": 3911160.43435, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [31.5], "rev_series": [467.4], "np_series": [-0.6], "roe_series": [-0.8], "rev_ttm": 467.4, "np_ttm": -4.6, "ocf_ttm": 165.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 42.2, "gm_median": 31.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -0.1, "roe_median": -0.8, "commodity": false, "hard_ratio": 30.2, "fix_assets": 436.5, "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": 193.7, "debt_ratio": 58.2, "debt_mv": null, "payout": null, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 15.4, "np_yoy": 98.6, "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": 30.3, "ret_20": 4.4, "ret_60": 12.3, "ret_120": 17.9, "ret_250": 49.1, "mdd_250": null, "vol_250": null, "pos_52w": 98.6, "eps": -0.192}, "S": {"duration": 100, "pricing": 48, "hard": 48, "bondness": 32}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -4.6 亿;PE 为负,估值指标失真。", "资产负债率 58%,有息负债 —,经营现金流/市值 42.2%: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 30%、毛利率 31.5% 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 42.2%(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 31.5%。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 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 49%,现价在 52 周高点的 99%;近 20 / 60 / 120 日 4% / 12% / 18%。", "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%。", "沃达丰:PE 比行业中位低 101.1倍;股息率 比行业中位高 3.2个百分点;毛利率 比行业中位低 28.1个百分点;固定资产占比 比行业中位低 0.7个百分点。"]}}