{"F": {"ts_code": "HK.00664", "name": "铜师傅", "mkt": "HK", "ccy": "港元", "sw1": "玩具及消闲用品", "sw2": "玩具及消闲用品", "sw3": "", "ind": "玩具及消闲用品", "fin_source": "futu", "market": "主板", "list_date": "20260331", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 13.38, "pe_ttm": 39.703, "pb": 0.944, "dv_ttm": 0.0, "total_mv": 86176.2984, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [33.7], "rev_series": [6.9], "np_series": [0.5], "roe_series": [11.2], "rev_ttm": 6.9, "np_ttm": 0.2, "ocf_ttm": -0.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -0.1, "gm_median": 33.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 7.7, "roe_median": 11.2, "commodity": false, "hard_ratio": 34.9, "fix_assets": 2.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.6, "debt_ratio": 18.1, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 13.0, "np_yoy": -36.7, "np_vol": null, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.5, "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": -77.7, "ret_20": -2.6, "ret_60": -34.8, "ret_120": -77.7, "ret_250": -77.7, "mdd_250": null, "vol_250": null, "pos_52w": 31.9, "eps": 0.822}, "S": {"duration": 63, "pricing": 49, "hard": 56, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 39.7 倍、股息率 0.0%、毛利率最新年报 33.7%、固定资产占比 35%、资产负债率 18%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 35%、毛利率 33.7% 两条都占,但所在行业(玩具及消闲用品)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": "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 -0.1%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 33.7%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 35%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 39.7 倍 粗算,约 87%(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 -78%,现价在 52 周高点的 32%;近 20 / 60 / 120 日 -3% / -35% / -78%。", "行业对照": ["同富途行业「玩具及消闲用品」22 家中位:PE 18.0 / 股息率 0.0% / 毛利率 27.8% / 固定资产占比 12% / 分红率 17%。", "铜师傅:PE 比行业中位高 21.7倍;股息率 与行业中位持平;毛利率 比行业中位高 5.9个百分点;固定资产占比 比行业中位高 23.2个百分点。"]}}