{"F": {"ts_code": "HK.00968", "name": "信义光能", "mkt": "HK", "ccy": "港元", "sw1": "新能源物料", "sw2": "新能源物料", "sw3": "", "ind": "新能源物料", "fin_source": "futu", "market": "主板", "list_date": "20131212", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.165, "pe_ttm": 127.352, "pb": 0.582, "dv_ttm": 0.46, "total_mv": 1980334.9426475, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [21.4], "rev_series": [232.0], "np_series": [7.3], "roe_series": [2.9], "rev_ttm": 232.0, "np_ttm": 1.7, "ocf_ttm": 60.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 30.3, "gm_median": 21.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 3.2, "roe_median": 2.9, "commodity": true, "hard_ratio": 60.5, "fix_assets": 378.4, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 42.6, "debt_ratio": 38.6, "debt_mv": null, "payout": 59.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -0.5, "np_yoy": -51.1, "np_vol": null, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.8, "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": -26.9, "ret_20": -11.2, "ret_60": -13.7, "ret_120": -35.9, "ret_250": -31.7, "mdd_250": null, "vol_250": null, "pos_52w": 52.9, "eps": 0.102}, "S": {"duration": 96, "pricing": 70, "hard": 97, "bondness": 36}, "label": "钱的替代品", "tags": ["商品定价"], "text": {"像什么": ["硬资产:固定资产 378 亿,占总资产 60%,重置成本随通胀上升。", "定价权来自商品本身:新能源物料 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 30.3%,股息率 0.5%,估值里 5 年后的故事约占 96%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 60%)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 30.3%(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 21.4%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 60%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 127.4 倍 粗算,约 96%(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 -32%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -11% / -14% / -36%。 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「新能源物料」15 家中位:PE 82.4 / 股息率 0.0% / 毛利率 9.3% / 固定资产占比 28% / 分红率 59%。", "信义光能:PE 比行业中位高 45.0倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 12.1个百分点;固定资产占比 比行业中位高 32.2个百分点。"]}}