{"F": {"ts_code": "HK.00666", "name": "瑞浦兰钧", "mkt": "HK", "ccy": "港元", "sw1": "能源储存装置", "sw2": "能源储存装置", "sw3": "", "ind": "能源储存装置", "fin_source": "futu", "market": "主板", "list_date": "20231218", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.995, "pe_ttm": 14.569, "pb": 1.628, "dv_ttm": 0.0, "total_mv": 2335705.612975, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [11.2], "rev_series": [270.6], "np_series": [7.6], "roe_series": [5.7], "rev_ttm": 270.6, "np_ttm": 15.8, "ocf_ttm": 64.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 27.5, "gm_median": 11.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.8, "roe_median": 5.7, "commodity": false, "hard_ratio": 37.8, "fix_assets": 176.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 10.9, "debt_ratio": 74.5, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 42.9, "np_yoy": 152.6, "np_vol": null, "loss_years": 0, "far_share": 66.0, "earn_yield": 6.9, "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": -24.8, "ret_20": -8.6, "ret_60": -24.5, "ret_120": -37.3, "ret_250": -11.5, "mdd_250": null, "vol_250": null, "pos_52w": 53.0, "eps": 0.295}, "S": {"duration": 31, "pricing": 38, "hard": 60, "bondness": 13}, "label": "重资产陷阱", "tags": ["成长兑现"], "text": {"像什么": ["资产很重:固定资产占总资产 38%,但毛利率最新年报只有 11.2%,产品同质、售价涨不动。", "资产负债率 74%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 38%),没有定价权:毛利率最新年报 11.2%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 27.5%(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 11.2%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 38%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.6 倍 粗算,约 66%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -12%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -9% / -24% / -37%。", "行业对照": ["同富途行业「能源储存装置」16 家中位:PE 15.9 / 股息率 0.0% / 毛利率 15.3% / 固定资产占比 21% / 分红率 0%。", "瑞浦兰钧:PE 比行业中位低 1.3倍;股息率 与行业中位持平;毛利率 比行业中位低 4.1个百分点;固定资产占比 比行业中位高 17.2个百分点。"]}}