{"F": {"ts_code": "HK.00258", "name": "汤臣集团", "mkt": "HK", "ccy": "港元", "sw1": "地产发展商", "sw2": "地产发展商", "sw3": "", "ind": "地产发展商", "fin_source": "futu", "market": "主板", "list_date": "19820726", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.18, "pe_ttm": 51.904, "pb": 0.371, "dv_ttm": 6.19, "total_mv": 492467.05978, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [70.2], "rev_series": [29.4], "np_series": [7.9], "roe_series": [6.4], "rev_ttm": 29.4, "np_ttm": 0.9, "ocf_ttm": 8.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 17.9, "gm_median": 70.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 26.9, "roe_median": 6.4, "commodity": false, "hard_ratio": 35.9, "fix_assets": 79.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 19.1, "debt_ratio": 44.4, "debt_mv": null, "payout": 321.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 646.0, "np_yoy": 352.6, "np_vol": null, "loss_years": 0, "far_share": 90.0, "earn_yield": 1.9, "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": -4.2, "ret_20": 4.8, "ret_60": 4.3, "ret_120": -12.3, "ret_250": -27.9, "mdd_250": null, "vol_250": null, "pos_52w": 72.3, "eps": 0.35}, "S": {"duration": 73, "pricing": 67, "hard": 57, "bondness": 78}, "label": "成长兑现", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["盈利在追估值:最新净利润同比 353%,PE TTM 51.9 倍,历史 PEG(PE ÷ 最新增速)0.15。", "经营现金流 8.8 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 36%、毛利率 70.2% 两条都占,但所在行业(地产发展商)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 17.9%(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 70.2%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 36%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 51.9 倍 粗算,约 90%(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 -28%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 5% / 4% / -12%。", "行业对照": ["同富途行业「地产发展商」133 家中位:PE 9.8 / 股息率 0.0% / 毛利率 9.2% / 固定资产占比 1% / 分红率 30%。", "汤臣集团:PE 比行业中位高 42.1倍;股息率 比行业中位高 6.2个百分点;毛利率 比行业中位高 61.0个百分点;固定资产占比 比行业中位高 34.8个百分点。"]}}