{"F": {"ts_code": "HK.00156", "name": "力宝华润", "mkt": "HK", "ccy": "港元", "sw1": "餐饮", "sw2": "餐饮", "sw3": "", "ind": "餐饮", "fin_source": "futu", "market": "主板", "list_date": "19730301", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.995, "pe_ttm": 5.685, "pb": 0.453, "dv_ttm": 0.0, "total_mv": 91409.7814645, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [61.5], "rev_series": [8.6], "np_series": [-0.6], "roe_series": [-3.4], "rev_ttm": 8.6, "np_ttm": 1.6, "ocf_ttm": 0.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 7.6, "gm_median": 61.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -6.4, "roe_median": -3.4, "commodity": false, "hard_ratio": 23.4, "fix_assets": 8.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -0.6, "debt_ratio": 39.5, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 11.5, "np_yoy": 92.2, "np_vol": null, "loss_years": 0, "far_share": 12.0, "earn_yield": 17.6, "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": 22.8, "ret_20": 2.1, "ret_60": -1.5, "ret_120": 2.6, "ret_250": 32.7, "mdd_250": null, "vol_250": null, "pos_52w": 88.1, "eps": -0.067}, "S": {"duration": 13, "pricing": 63, "hard": 37, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 5.7 倍、股息率 0.0%、毛利率最新年报 61.5%、固定资产占比 23%、资产负债率 40%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 61.5%),硬资产占比 23%。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": "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 7.6%(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 61.5%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 23%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.7 倍 粗算,约 12%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 33%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 2% / -2% / 3%。", "行业对照": ["同富途行业「餐饮」31 家中位:PE 15.4 / 股息率 0.0% / 毛利率 65.9% / 固定资产占比 17% / 分红率 33%。", "力宝华润:PE 比行业中位低 9.7倍;股息率 与行业中位持平;毛利率 比行业中位低 4.4个百分点;固定资产占比 比行业中位高 6.1个百分点。"]}}