{"F": {"ts_code": "HK.01470", "name": "富一国际控股", "mkt": "HK", "ccy": "港元", "sw1": "化肥及农用化合物", "sw2": "化肥及农用化合物", "sw3": "", "ind": "化肥及农用化合物", "fin_source": "futu", "market": "主板", "list_date": "20150512", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.106, "pe_ttm": 17.666, "pb": 2.864, "dv_ttm": 0.0, "total_mv": 8480.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [31.0], "rev_series": [0.7], "np_series": [0.0], "roe_series": [19.4], "rev_ttm": 0.7, "np_ttm": 0.0, "ocf_ttm": -1.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -153.3, "gm_median": 31.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.8, "roe_median": 19.4, "commodity": false, "hard_ratio": 0.5, "fix_assets": 0.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.0, "debt_ratio": 80.7, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -5.7, "np_yoy": -9.6, "np_vol": null, "loss_years": 0, "far_share": 72.0, "earn_yield": 5.7, "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": 2.9, "ret_20": -25.9, "ret_60": -31.6, "ret_120": -25.4, "ret_250": -41.1, "mdd_250": null, "vol_250": null, "pos_52w": 50.5, "eps": 0.006}, "S": {"duration": 36, "pricing": 48, "hard": 1, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 17.7 倍、股息率 0.0%、毛利率最新年报 31.0%、固定资产占比 0%、资产负债率 81%: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 31.0%),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 -153.3%(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 31.0%。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 17.7 倍 粗算,约 72%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -41%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -26% / -32% / -25%。", "行业对照": ["同富途行业「化肥及农用化合物」9 家中位:PE 9.4 / 股息率 1.0% / 毛利率 10.7% / 固定资产占比 45% / 分红率 21%。", "富一国际控股:PE 比行业中位高 8.3倍;股息率 比行业中位低 1.0个百分点;毛利率 比行业中位高 20.3个百分点;固定资产占比 比行业中位低 44.1个百分点。"]}}