{"F": {"ts_code": "HK.00336", "name": "华宝国际", "mkt": "HK", "ccy": "港元", "sw1": "食品添加剂", "sw2": "食品添加剂", "sw3": "", "ind": "食品添加剂", "fin_source": "futu", "market": "主板", "list_date": "19920122", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.07, "pe_ttm": -21.319, "pb": 0.76, "dv_ttm": 3.22, "total_mv": 989043.748932, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [40.8], "rev_series": [38.8], "np_series": [-4.5], "roe_series": [-3.4], "rev_ttm": 38.8, "np_ttm": -4.4, "ocf_ttm": 6.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.9, "gm_median": 40.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -11.6, "roe_median": -3.4, "commodity": false, "hard_ratio": 14.7, "fix_assets": 23.7, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 2.6, "debt_ratio": 9.4, "debt_mv": null, "payout": null, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 8.0, "np_yoy": 7.6, "np_vol": null, "loss_years": 1, "far_share": 100, "earn_yield": null, "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": -22.0, "ret_20": 0.3, "ret_60": -17.2, "ret_120": -25.6, "ret_250": -25.3, "mdd_250": null, "vol_250": null, "pos_52w": 59.7, "eps": -0.134}, "S": {"duration": 100, "pricing": 52, "hard": 24, "bondness": 32}, "label": "轻资产现金牛", "tags": ["亏损或困境"], "text": {"像什么": ["固定资产占比 15%,毛利率最新年报 40.8%,经营现金流/市值 6.9%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 40.8%),硬资产占比 15%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 6.9%(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 40.8%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 15%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 60%;近 20 / 60 / 120 日 0% / -17% / -26%。", "行业对照": ["同富途行业「食品添加剂」12 家中位:PE 15.0 / 股息率 2.4% / 毛利率 20.5% / 固定资产占比 32% / 分红率 93%。", "华宝国际:PE 比行业中位低 36.3倍;股息率 比行业中位高 0.8个百分点;毛利率 比行业中位高 20.3个百分点;固定资产占比 比行业中位低 17.0个百分点。"]}}