{"F": {"ts_code": "HK.01332", "name": "透云生物", "mkt": "HK", "ccy": "港元", "sw1": "印刷及包装", "sw2": "印刷及包装", "sw3": "", "ind": "印刷及包装", "fin_source": "futu", "market": "主板", "list_date": "20120712", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.158, "pe_ttm": 2.078, "pb": 3.16, "dv_ttm": 0.0, "total_mv": 44334.0439542, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [31.9], "rev_series": [0.7], "np_series": [0.6], "roe_series": [0.0], "rev_ttm": 0.7, "np_ttm": 2.1, "ocf_ttm": 0.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 0.7, "gm_median": 31.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 85.2, "roe_median": 0.0, "commodity": false, "hard_ratio": 32.6, "fix_assets": 1.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.7, "debt_ratio": 95.6, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -21.7, "np_yoy": 169.6, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 48.1, "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": -38.0, "ret_20": 16.2, "ret_60": 33.9, "ret_120": 21.5, "ret_250": 107.9, "mdd_250": null, "vol_250": null, "pos_52w": 21.1, "eps": 0.01}, "S": {"duration": 5, "pricing": 48, "hard": 52, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 2.1 倍、股息率 0.0%、毛利率最新年报 31.9%、固定资产占比 33%、资产负债率 96%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 33%、毛利率 31.9% 两条都占,但所在行业(印刷及包装)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 0.7%(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 31.9%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 33%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 2.1 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 108%,现价在 52 周高点的 21%;近 20 / 60 / 120 日 16% / 34% / 22%。", "行业对照": ["同富途行业「印刷及包装」28 家中位:PE 22.6 / 股息率 0.0% / 毛利率 25.1% / 固定资产占比 19% / 分红率 0%。", "透云生物:PE 比行业中位低 20.5倍;股息率 与行业中位持平;毛利率 比行业中位高 6.8个百分点;固定资产占比 比行业中位高 14.0个百分点。"]}}