{"F": {"ts_code": "HK.01112", "name": "H&H国际控股", "mkt": "HK", "ccy": "港元", "sw1": "膳食补充品", "sw2": "膳食补充品", "sw3": "", "ind": "膳食补充品", "fin_source": "futu", "market": "主板", "list_date": "20101217", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 19.04, "pe_ttm": 14.512, "pb": 1.638, "dv_ttm": 1.84, "total_mv": 1229148.818016, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [62.4], "rev_series": [159.6], "np_series": [2.2], "roe_series": [3.4], "rev_ttm": 159.6, "np_ttm": 8.5, "ocf_ttm": 25.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 20.9, "gm_median": 62.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 1.4, "roe_median": 3.4, "commodity": false, "hard_ratio": 1.6, "fix_assets": 3.4, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 16.4, "debt_ratio": 69.1, "debt_mv": null, "payout": 27.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 15.0, "np_yoy": 481.7, "np_vol": null, "loss_years": 0, "far_share": 66.0, "earn_yield": 6.9, "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": 46.9, "ret_20": 25.9, "ret_60": 79.5, "ret_120": 39.4, "ret_250": 33.1, "mdd_250": null, "vol_250": null, "pos_52w": 99.4, "eps": 0.336}, "S": {"duration": 30, "pricing": 63, "hard": 3, "bondness": 33}, "label": "成长兑现", "tags": ["轻资产现金牛"], "text": {"像什么": ["盈利在追估值:最新净利润同比 482%,PE TTM 14.5 倍,历史 PEG(PE ÷ 最新增速)0.03。", "经营现金流 25.7 亿(正),没有一致预期数据,风险在增速能否延续。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 62.4%),硬资产占比 2%。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": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 20.9%(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 62.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 2%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.5 倍 粗算,约 66%(1 − 5/PE)。中等。"]], "价格行为": "近一年 33%,现价在 52 周高点的 99%;近 20 / 60 / 120 日 26% / 80% / 39%。", "行业对照": ["同富途行业「膳食补充品」11 家中位:PE 11.5 / 股息率 0.0% / 毛利率 69.0% / 固定资产占比 14% / 分红率 14%。", "H&H国际控股:PE 比行业中位高 3.0倍;股息率 比行业中位高 1.8个百分点;毛利率 比行业中位低 6.6个百分点;固定资产占比 比行业中位低 12.7个百分点。"]}}