{"F": {"ts_code": "HK.00486", "name": "俄铝", "mkt": "HK", "ccy": "港元", "sw1": "铝", "sw2": "铝", "sw3": "", "ind": "铝", "fin_source": "futu", "market": "主板", "list_date": "20100127", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.955, "pe_ttm": 113.653, "pb": 0.471, "dv_ttm": 0.0, "total_mv": 4489535.891721, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [17.3], "rev_series": [1152.5], "np_series": [-35.4], "roe_series": [-4.0], "rev_ttm": 1152.5, "np_ttm": 4.3, "ocf_ttm": 92.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 20.5, "gm_median": 17.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -3.1, "roe_median": -4.0, "commodity": true, "hard_ratio": 27.6, "fix_assets": 506.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 91.5, "debt_ratio": 53.2, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 22.8, "np_yoy": -156.8, "np_vol": null, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.9, "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": -39.1, "ret_20": -3.4, "ret_60": -16.5, "ret_120": -45.7, "ret_250": -30.0, "mdd_250": null, "vol_250": null, "pos_52w": 42.2, "eps": -0.233}, "S": {"duration": 94, "pricing": 70, "hard": 44, "bondness": 13}, "label": "中性", "tags": ["商品定价"], "text": {"像什么": ["PE 113.7 倍、股息率 0.0%、毛利率最新年报 17.3%、固定资产占比 28%、资产负债率 53%: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 17.3%),硬资产占比 28%。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 20.5%(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 17.3%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 28%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 113.7 倍 粗算,约 96%(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 -30%,现价在 52 周高点的 42%;近 20 / 60 / 120 日 -3% / -16% / -46%。", "行业对照": ["同富途行业「铝」7 家中位:PE 7.6 / 股息率 3.5% / 毛利率 17.3% / 固定资产占比 32% / 分红率 30%。", "俄铝:PE 比行业中位高 106.1倍;股息率 比行业中位低 3.5个百分点;毛利率 与行业中位持平;固定资产占比 比行业中位低 4.9个百分点。"]}}