{"F": {"ts_code": "HK.00809", "name": "大成生化科技", "mkt": "HK", "ccy": "港元", "sw1": "化肥及农用化合物", "sw2": "化肥及农用化合物", "sw3": "", "ind": "化肥及农用化合物", "fin_source": "futu", "market": "主板", "list_date": "20010316", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.385, "pe_ttm": 6.209, "pb": -0.254, "dv_ttm": 0.0, "total_mv": 64634.614352, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [8.6], "rev_series": [22.8], "np_series": [1.6], "roe_series": [0.0], "rev_ttm": 22.8, "np_ttm": 1.0, "ocf_ttm": -0.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -9.5, "gm_median": 8.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.9, "roe_median": 0.0, "commodity": false, "hard_ratio": 45.6, "fix_assets": 20.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 5.2, "debt_ratio": 111.2, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 13.9, "np_yoy": -79.7, "np_vol": null, "loss_years": 0, "far_share": 19.0, "earn_yield": 16.1, "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": -40.8, "ret_20": -2.5, "ret_60": -34.7, "ret_120": -36.9, "ret_250": -59.0, "mdd_250": null, "vol_250": null, "pos_52w": 32.9, "eps": 0.093}, "S": {"duration": 14, "pricing": 36, "hard": 73, "bondness": 13}, "label": "重资产陷阱", "tags": [], "text": {"像什么": ["资产很重:固定资产占总资产 46%,但毛利率最新年报只有 8.6%,产品同质、售价涨不动。", "资产负债率 111%,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 46%),没有定价权:毛利率最新年报 8.6%。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 -9.5%(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 8.6%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 46%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.2 倍 粗算,约 19%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -59%,现价在 52 周高点的 33%;近 20 / 60 / 120 日 -2% / -35% / -37%。", "行业对照": ["同富途行业「化肥及农用化合物」9 家中位:PE 9.4 / 股息率 1.0% / 毛利率 10.7% / 固定资产占比 45% / 分红率 21%。", "大成生化科技:PE 比行业中位低 3.2倍;股息率 比行业中位低 1.0个百分点;毛利率 比行业中位低 2.1个百分点;固定资产占比 比行业中位高 1.0个百分点。"]}}