{"F": {"ts_code": "US.WDC", "name": "西部数据", "mkt": "US", "ccy": "美元", "sw1": "计算机硬件", "sw2": "计算机硬件", "sw3": "", "ind": "计算机硬件", "fin_source": "futu", "market": "NASDAQ", "list_date": "20120601", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 467.46, "pe_ttm": 19.252, "pb": 19.014, "dv_ttm": 0.11, "total_mv": 16853846.968224, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [48.9], "rev_series": [129.2], "np_series": [94.2], "roe_series": [131.0], "rev_ttm": 129.2, "np_ttm": 92.9, "ocf_ttm": 39.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 2.3, "gm_median": 48.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 72.9, "roe_median": 131.0, "commodity": false, "hard_ratio": 33.3, "fix_assets": 46.4, "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": 104.5, "debt_ratio": 36.0, "debt_mv": null, "payout": 2.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 35.7, "np_yoy": 398.9, "np_vol": null, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.2, "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": 171.6, "ret_20": 7.6, "ret_60": -4.6, "ret_120": 63.4, "ret_250": 401.9, "mdd_250": null, "vol_250": null, "pos_52w": 58.4, "eps": 24.28}, "S": {"duration": 38, "pricing": 56, "hard": 53, "bondness": 14}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 399%,PE TTM 19.3 倍,历史 PEG(PE ÷ 最新增速)0.05。", "经营现金流 39.3 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": "硬资产占比 33%、毛利率 48.9% 两条都占,但所在行业(计算机硬件)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 2.3%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 48.9%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 33%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.3 倍 粗算,约 74%(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 402%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 8% / -5% / 63%。", "行业对照": ["同富途行业「计算机硬件」44 家中位:PE 27.0 / 股息率 0.0% / 毛利率 33.5% / 固定资产占比 10% / 分红率 0%。", "西部数据:PE 比行业中位低 7.7倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位高 15.4个百分点;固定资产占比 比行业中位高 22.8个百分点。"]}}