{"F": {"ts_code": "HK.00815", "name": "中国白银集团", "mkt": "HK", "ccy": "港元", "sw1": "黄金及贵金属", "sw2": "黄金及贵金属", "sw3": "", "ind": "黄金及贵金属", "fin_source": "futu", "market": "主板", "list_date": "20121228", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": true, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.26, "pe_ttm": 1.756, "pb": 0.499, "dv_ttm": 0.0, "total_mv": 102604.776534, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [2.4], "rev_series": [34.1], "np_series": [6.9], "roe_series": [65.8], "rev_ttm": 34.1, "np_ttm": 5.6, "ocf_ttm": 3.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 38.2, "gm_median": 2.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 20.3, "roe_median": 65.8, "commodity": true, "hard_ratio": 4.7, "fix_assets": 1.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.3, "debt_ratio": 28.5, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -22.9, "np_yoy": 3023.9, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 56.9, "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": -61.2, "ret_20": -18.8, "ret_60": -14.8, "ret_120": -52.7, "ret_250": -40.9, "mdd_250": null, "vol_250": null, "pos_52w": 28.0, "eps": 0.165}, "S": {"duration": 4, "pricing": 70, "hard": 8, "bondness": 13}, "label": "中性", "tags": ["商品定价"], "text": {"像什么": ["PE 1.8 倍、股息率 0.0%、毛利率最新年报 2.4%、固定资产占比 5%、资产负债率 28%: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 2.4%),硬资产占比 5%。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。 注意:金矿股不等于黄金,有运营杠杆和自身成本通胀,对冲美元信用直接买黄金 ETF 更纯。", "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 38.2%(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 2.4%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 5%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 1.8 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -41%,现价在 52 周高点的 28%;近 20 / 60 / 120 日 -19% / -15% / -53%。", "行业对照": ["同富途行业「黄金及贵金属」17 家中位:PE 16.5 / 股息率 0.5% / 毛利率 41.9% / 固定资产占比 26% / 分红率 16%。", "中国白银集团:PE 比行业中位低 14.7倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位低 39.5个百分点;固定资产占比 比行业中位低 20.9个百分点。"]}}