{"F": {"ts_code": "US.WYNN", "name": "永利度假村", "mkt": "US", "ccy": "美元", "sw1": "度假村与赌场", "sw2": "度假村与赌场", "sw3": "", "ind": "度假村与赌场", "fin_source": "futu", "market": "NASDAQ", "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": 91.54, "pe_ttm": 21.952, "pb": -55.613, "dv_ttm": 1.09, "total_mv": 942622.9982139999, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [41.4], "rev_series": [71.4], "np_series": [4.1], "roe_series": [0.0], "rev_ttm": 71.4, "np_ttm": 4.5, "ocf_ttm": 14.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 15.5, "gm_median": 41.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 5.7, "roe_median": 0.0, "commodity": false, "hard_ratio": 60.0, "fix_assets": 78.2, "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": 17.6, "debt_ratio": 107.9, "debt_mv": null, "payout": 24.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 0.1, "np_yoy": -36.0, "np_vol": null, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.6, "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": -23.4, "ret_20": -10.5, "ret_60": -12.8, "ret_120": -8.6, "ret_250": -24.7, "mdd_250": null, "vol_250": null, "pos_52w": 68.4, "eps": 3.14}, "S": {"duration": 42, "pricing": 53, "hard": 96, "bondness": 28}, "label": "中性", "tags": [], "text": {"像什么": ["PE 22.0 倍、股息率 1.1%、毛利率最新年报 41.4%、固定资产占比 60%、资产负债率 108%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 60%、毛利率 41.4% 两条都占,但所在行业(度假村与赌场)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": "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 15.5%(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 41.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 60%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.0 倍 粗算,约 77%(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 68%;近 20 / 60 / 120 日 -10% / -13% / -9%。", "行业对照": ["同富途行业「度假村与赌场」17 家中位:PE 20.2 / 股息率 0.0% / 毛利率 49.6% / 固定资产占比 49% / 分红率 22%。", "永利度假村:PE 比行业中位高 1.8倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位低 8.2个百分点;固定资产占比 比行业中位高 10.9个百分点。"]}}