{"F": {"ts_code": "US.WM", "name": "美国废物管理", "mkt": "US", "ccy": "美元", "sw1": "废物管理", "sw2": "废物管理", "sw3": "", "ind": "废物管理", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 218.99, "pe_ttm": 30.974, "pb": 8.819, "dv_ttm": 1.62, "total_mv": 8753362.814416, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [40.4], "rev_series": [252.0], "np_series": [27.1], "roe_series": [29.7], "rev_ttm": 252.0, "np_ttm": 28.5, "ocf_ttm": 65.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 7.4, "gm_median": 40.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 10.7, "roe_median": 29.7, "commodity": false, "hard_ratio": 49.0, "fix_assets": 221.5, "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": 72.0, "debt_ratio": 78.2, "debt_mv": null, "payout": 50.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 14.2, "np_yoy": -1.3, "np_vol": null, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "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": 0.5, "ret_20": -3.8, "ret_60": -2.4, "ret_120": -7.2, "ret_250": 1.6, "mdd_250": null, "vol_250": null, "pos_52w": 88.6, "eps": 6.7}, "S": {"duration": 54, "pricing": 52, "hard": 78, "bondness": 40}, "label": "中性", "tags": [], "text": {"像什么": ["PE 31.0 倍、股息率 1.6%、毛利率最新年报 40.4%、固定资产占比 49%、资产负债率 78%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 49%、毛利率 40.4% 看起来两条都占,但价格受管制(废物管理: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": "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 7.4%(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 40.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 49%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.0 倍 粗算,约 84%(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 2%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 -4% / -2% / -7%。", "行业对照": ["同富途行业「废物管理」21 家中位:PE 19.8 / 股息率 0.0% / 毛利率 26.2% / 固定资产占比 36% / 分红率 0%。", "美国废物管理:PE 比行业中位高 11.2倍;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位高 14.2个百分点;固定资产占比 比行业中位高 12.8个百分点。"]}}