{"F": {"ts_code": "HK.01104", "name": "亚太资源", "mkt": "HK", "ccy": "港元", "sw1": "钢铁", "sw2": "钢铁", "sw3": "", "ind": "钢铁", "fin_source": "futu", "market": "主板", "list_date": "19981229", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.04, "pe_ttm": 1.263, "pb": 0.523, "dv_ttm": 5.1, "total_mv": 305087.079804, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [3.9], "rev_series": [3.5], "np_series": [2.4], "roe_series": [6.2], "rev_ttm": 3.5, "np_ttm": 24.1, "ocf_ttm": 1.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.1, "gm_median": 3.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 68.2, "roe_median": 6.2, "commodity": true, "hard_ratio": 0.1, "fix_assets": 0.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 3.7, "debt_ratio": 12.0, "debt_mv": null, "payout": 6.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -70.3, "np_yoy": -33.8, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 79.2, "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": 1.2, "ret_20": 19.3, "ret_60": 40.7, "ret_120": -20.4, "ret_250": 40.0, "mdd_250": null, "vol_250": null, "pos_52w": 66.3, "eps": 0.163}, "S": {"duration": 3, "pricing": 70, "hard": 0, "bondness": 45}, "label": "中性", "tags": ["商品定价", "股息率≥4%"], "text": {"像什么": ["PE 1.3 倍、股息率 5.1%、毛利率最新年报 3.9%、固定资产占比 0%、资产负债率 12%: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 3.9%),硬资产占比 0%。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。", "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 6.1%(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 3.9%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 0%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 1.3 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 40%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 19% / 41% / -20%。", "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%。", "亚太资源:PE 比行业中位低 5.1倍;股息率 比行业中位高 5.1个百分点;毛利率 比行业中位低 2.3个百分点;固定资产占比 比行业中位低 21.1个百分点。"]}}