{"F": {"ts_code": "US.WSO.B", "name": "华斯科-B", "mkt": "US", "ccy": "美元", "sw1": "工业分销", "sw2": "工业分销", "sw3": "", "ind": "工业分销", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 316.05, "pe_ttm": 27.082, "pb": 4.354, "dv_ttm": 3.89, "total_mv": 1303775.59137, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [28.0], "rev_series": [72.4], "np_series": [5.9], "roe_series": [17.1], "rev_ttm": 72.4, "np_ttm": 4.4, "ocf_ttm": 7.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 5.6, "gm_median": 28.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 8.1, "roe_median": 17.1, "commodity": false, "hard_ratio": 9.4, "fix_assets": 4.2, "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": 7.4, "debt_ratio": 27.0, "debt_mv": null, "payout": 105.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -5.0, "np_yoy": -7.6, "np_vol": null, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.7, "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": -4.3, "ret_20": -0.1, "ret_60": -8.9, "ret_120": -12.7, "ret_250": -24.9, "mdd_250": null, "vol_250": null, "pos_52w": 70.3, "eps": 12.25}, "S": {"duration": 49, "pricing": 46, "hard": 15, "bondness": 71}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 105%、股息率 3.9%、最新一年营收增速 -5.0%、资产负债率 27%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 9%,毛利率最新年报 28.0%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 5.6%(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 28.0%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 9%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 27.1 倍 粗算,约 82%(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 -25%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -0% / -9% / -13%。", "行业对照": ["同富途行业「工业分销」25 家中位:PE 27.6 / 股息率 0.0% / 毛利率 29.4% / 固定资产占比 11% / 分红率 18%。", "华斯科-B:PE 比行业中位低 0.5倍;股息率 比行业中位高 3.9个百分点;毛利率 比行业中位低 1.4个百分点;固定资产占比 比行业中位低 1.7个百分点。"]}}