{"F": {"ts_code": "HK.01080", "name": "胜利管道", "mkt": "HK", "ccy": "港元", "sw1": "油气设备与服务", "sw2": "油气设备与服务", "sw3": "", "ind": "油气设备与服务", "fin_source": "futu", "market": "主板", "list_date": "20091218", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.062, "pe_ttm": 6.2, "pb": 0.521, "dv_ttm": 0.0, "total_mv": 24021.06672, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [12.0], "rev_series": [10.0], "np_series": [-0.2], "roe_series": [-4.9], "rev_ttm": 10.0, "np_ttm": 0.4, "ocf_ttm": -0.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -4.0, "gm_median": 12.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -2.1, "roe_median": -4.9, "commodity": false, "hard_ratio": 19.7, "fix_assets": 2.2, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -0.1, "debt_ratio": 62.4, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 65.6, "np_yoy": 54.9, "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": -31.1, "ret_20": 24.0, "ret_60": -13.9, "ret_120": -36.7, "ret_250": -25.3, "mdd_250": null, "vol_250": null, "pos_52w": 47.0, "eps": -0.005}, "S": {"duration": 14, "pricing": 38, "hard": 32, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 6.2 倍、股息率 0.0%、毛利率最新年报 12.0%、固定资产占比 20%、资产负债率 62%:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 20%,毛利率最新年报 12.0%。", "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 -4.0%(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 12.0%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 20%。有一些。"], ["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 -25%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 24% / -14% / -37%。", "行业对照": ["同富途行业「油气设备与服务」20 家中位:PE 12.9 / 股息率 0.0% / 毛利率 22.7% / 固定资产占比 16% / 分红率 0%。", "胜利管道:PE 比行业中位低 6.7倍;股息率 与行业中位持平;毛利率 比行业中位低 10.7个百分点;固定资产占比 比行业中位高 4.2个百分点。"]}}