{"F": {"ts_code": "HK.00345", "name": "VITASOY INT'L", "mkt": "HK", "ccy": "港元", "sw1": "非酒精饮料", "sw2": "非酒精饮料", "sw3": "", "ind": "非酒精饮料", "fin_source": "futu", "market": "主板", "list_date": "19940330", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.46, "pe_ttm": 23.925, "pb": 2.265, "dv_ttm": 2.72, "total_mv": 657340.587494, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [51.0], "rev_series": [60.6], "np_series": [2.8], "roe_series": [9.2], "rev_ttm": 60.6, "np_ttm": 2.7, "ocf_ttm": 7.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 10.8, "gm_median": 51.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 4.6, "roe_median": 9.2, "commodity": false, "hard_ratio": 47.7, "fix_assets": 26.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 5.3, "debt_ratio": 44.0, "debt_mv": null, "payout": 65.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -3.4, "np_yoy": 17.0, "np_vol": null, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.2, "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": 5.5, "ret_20": 3.8, "ret_60": 15.0, "ret_120": -2.5, "ret_250": -26.3, "mdd_250": null, "vol_250": null, "pos_52w": 70.3, "eps": 0.27}, "S": {"duration": 45, "pricing": 58, "hard": 76, "bondness": 52}, "label": "钱的替代品", "tags": [], "text": {"像什么": ["硬资产:固定资产 26 亿,占总资产 48%,重置成本随通胀上升。", "定价权:毛利率最新年报 51.0%。", "当期现金流:经营现金流/市值 10.8%,股息率 2.7%,估值里 5 年后的故事约占 79%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 48%)和定价权(毛利率 51.0% 且稳定)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 10.8%(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 51.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 48%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.9 倍 粗算,约 79%(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 -26%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 4% / 15% / -2%。 钱的替代品是体制切换的 β:过去一年没动,若信号亮起弹性在这。", "行业对照": ["同富途行业「非酒精饮料」21 家中位:PE 13.3 / 股息率 2.7% / 毛利率 37.1% / 固定资产占比 22% / 分红率 60%。", "VITASOY INT'L:PE 比行业中位高 10.6倍;股息率 与行业中位持平;毛利率 比行业中位高 13.9个百分点;固定资产占比 比行业中位高 25.9个百分点。"]}}