{"F": {"ts_code": "HK.00826", "name": "天工国际", "mkt": "HK", "ccy": "港元", "sw1": "钢铁", "sw2": "钢铁", "sw3": "", "ind": "钢铁", "fin_source": "futu", "market": "主板", "list_date": "20070726", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.12, "pe_ttm": 17.43, "pb": 0.975, "dv_ttm": 1.86, "total_mv": 850200.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [20.2], "rev_series": [52.5], "np_series": [4.9], "roe_series": [5.6], "rev_ttm": 52.5, "np_ttm": 4.8, "ocf_ttm": 3.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 3.6, "gm_median": 20.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.3, "roe_median": 5.6, "commodity": true, "hard_ratio": 32.2, "fix_assets": 47.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 7.0, "debt_ratio": 42.3, "debt_mv": null, "payout": 32.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 2.1, "np_yoy": 14.4, "np_vol": null, "loss_years": 0, "far_share": 71.0, "earn_yield": 5.7, "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": 2.3, "ret_20": 3.0, "ret_60": -4.0, "ret_120": -17.5, "ret_250": 22.2, "mdd_250": null, "vol_250": null, "pos_52w": 69.2, "eps": 0.163}, "S": {"duration": 35, "pricing": 70, "hard": 52, "bondness": 35}, "label": "钱的替代品", "tags": ["商品定价"], "text": {"像什么": ["硬资产:固定资产 48 亿,占总资产 32%,重置成本随通胀上升。", "定价权来自商品本身:钢铁 的价格是通胀的组成部分,利润是商品价格的函数。", "当期现金流:经营现金流/市值 3.6%,股息率 1.9%,估值里 5 年后的故事约占 71%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 32%)和定价权(商品价格)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 3.6%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 20.2%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 32%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.4 倍 粗算,约 71%(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 22%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 3% / -4% / -18%。 钱的替代品是体制切换的 β:过去一年没动,若信号亮起弹性在这。", "行业对照": ["同富途行业「钢铁」23 家中位:PE 6.4 / 股息率 0.0% / 毛利率 6.2% / 固定资产占比 21% / 分红率 13%。", "天工国际:PE 比行业中位高 11.0倍;股息率 比行业中位高 1.9个百分点;毛利率 比行业中位高 14.0个百分点;固定资产占比 比行业中位高 11.0个百分点。"]}}