{"F": {"ts_code": "HK.01458", "name": "周黑鸭", "mkt": "HK", "ccy": "港元", "sw1": "包装食品", "sw2": "包装食品", "sw3": "", "ind": "包装食品", "fin_source": "futu", "market": "主板", "list_date": "20161111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.27, "pe_ttm": 16.282, "pb": 0.674, "dv_ttm": 7.09, "total_mv": 264295.255, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [57.5], "rev_series": [28.2], "np_series": [1.7], "roe_series": [4.4], "rev_ttm": 28.2, "np_ttm": 1.6, "ocf_ttm": 3.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 14.8, "gm_median": 57.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.2, "roe_median": 4.4, "commodity": false, "hard_ratio": 28.0, "fix_assets": 14.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 2.7, "debt_ratio": 22.9, "debt_mv": null, "payout": 115.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 8.2, "np_yoy": 66.8, "np_vol": null, "loss_years": 0, "far_share": 69.0, "earn_yield": 6.1, "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": -18.1, "ret_20": 0.8, "ret_60": -4.5, "ret_120": -8.0, "ret_250": -45.5, "mdd_250": null, "vol_250": null, "pos_52w": 54.7, "eps": 0.083}, "S": {"duration": 33, "pricing": 61, "hard": 45, "bondness": 78}, "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 67%,PE TTM 16.3 倍,历史 PEG(PE ÷ 最新增速)0.24。", "经营现金流 3.9 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 57.5%),硬资产占比 28%。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 14.8%(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 57.5%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 28%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.3 倍 粗算,约 69%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -46%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 1% / -4% / -8%。", "行业对照": ["同富途行业「包装食品」35 家中位:PE 12.8 / 股息率 0.6% / 毛利率 23.1% / 固定资产占比 18% / 分红率 32%。", "周黑鸭:PE 比行业中位高 3.5倍;股息率 比行业中位高 6.5个百分点;毛利率 比行业中位高 34.4个百分点;固定资产占比 比行业中位高 9.6个百分点。"]}}