{"F": {"ts_code": "HK.01364", "name": "古茗", "mkt": "HK", "ccy": "港元", "sw1": "非酒精饮料", "sw2": "非酒精饮料", "sw3": "", "ind": "非酒精饮料", "fin_source": "futu", "market": "主板", "list_date": "20250212", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 25.0, "pe_ttm": 16.622, "pb": 8.061, "dv_ttm": 4.8, "total_mv": 5847243.65, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [33.0], "rev_series": [143.6], "np_series": [34.6], "roe_series": [79.3], "rev_ttm": 143.6, "np_ttm": 34.9, "ocf_ttm": 12.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 2.1, "gm_median": 33.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 24.1, "roe_median": 79.3, "commodity": false, "hard_ratio": 8.3, "fix_assets": 10.8, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 42.6, "debt_ratio": 64.9, "debt_mv": null, "payout": 80.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 53.6, "np_yoy": 118.1, "np_vol": null, "loss_years": 0, "far_share": 70.0, "earn_yield": 6.0, "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": 1.9, "ret_20": 8.9, "ret_60": 12.8, "ret_120": -9.9, "ret_250": 21.5, "mdd_250": null, "vol_250": null, "pos_52w": 80.6, "eps": 1.472}, "S": {"duration": 34, "pricing": 48, "hard": 13, "bondness": 70}, "label": "成长兑现", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["盈利在追估值:最新净利润同比 118%,PE TTM 16.6 倍,历史 PEG(PE ÷ 最新增速)0.14。", "经营现金流 12.1 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 33.0%),硬资产占比 8%。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 2.1%(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 33.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 8%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.6 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 22%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 9% / 13% / -10%。", "行业对照": ["同富途行业「非酒精饮料」21 家中位:PE 13.3 / 股息率 2.7% / 毛利率 37.1% / 固定资产占比 22% / 分红率 60%。", "古茗:PE 比行业中位高 3.3倍;股息率 比行业中位高 2.1个百分点;毛利率 比行业中位低 4.1个百分点;固定资产占比 比行业中位低 13.5个百分点。"]}}