{"F": {"ts_code": "US.VTMX", "name": "Vesta Real Estate", "mkt": "US", "ccy": "美元", "sw1": "多元化房地产", "sw2": "多元化房地产", "sw3": "", "ind": "多元化房地产", "fin_source": "futu", "market": "NYSE", "list_date": "20230630", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 34.7, "pe_ttm": 7.581, "pb": 1.023, "dv_ttm": 2.39, "total_mv": 321974.70353, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [90.0], "rev_series": [2.8], "np_series": [2.4], "roe_series": [9.1], "rev_ttm": 2.8, "np_ttm": 4.0, "ocf_ttm": 1.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 5.8, "gm_median": 90.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 85.4, "roe_median": 9.1, "commodity": false, "hard_ratio": 0.1, "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": 2.9, "debt_ratio": 39.5, "debt_mv": null, "payout": 18.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 12.2, "np_yoy": 8.3, "np_vol": null, "loss_years": 0, "far_share": 34.0, "earn_yield": 13.2, "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": 15.9, "ret_20": 1.4, "ret_60": 3.6, "ret_120": 9.9, "ret_250": 25.8, "mdd_250": null, "vol_250": null, "pos_52w": 93.9, "eps": 2.809}, "S": {"duration": 17, "pricing": 77, "hard": 0, "bondness": 34}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 0%,毛利率最新年报 90.0%,经营现金流/市值 5.8%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 90.0%),硬资产占比 0%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 5.8%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 90.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 0%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.6 倍 粗算,约 34%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 26%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 1% / 4% / 10%。", "行业对照": []}}