{"F": {"ts_code": "HK.01481", "name": "竣球控股", "mkt": "HK", "ccy": "港元", "sw1": "纸及纸制品", "sw2": "纸及纸制品", "sw3": "", "ind": "纸及纸制品", "fin_source": "futu", "market": "主板", "list_date": "20171228", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.46, "pe_ttm": 112.307, "pb": 10.428, "dv_ttm": 0.0, "total_mv": 148920.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [20.7], "rev_series": [2.0], "np_series": [0.1], "roe_series": [6.6], "rev_ttm": 2.0, "np_ttm": 0.1, "ocf_ttm": 0.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 2.6, "gm_median": 20.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.4, "roe_median": 6.6, "commodity": false, "hard_ratio": 21.1, "fix_assets": 0.4, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.2, "debt_ratio": 42.9, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 74.3, "np_yoy": 208.7, "np_vol": null, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.9, "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": -18.9, "ret_20": -4.6, "ret_60": -9.3, "ret_120": -43.8, "ret_250": 143.3, "mdd_250": null, "vol_250": null, "pos_52w": 46.4, "eps": 0.008}, "S": {"duration": 94, "pricing": 42, "hard": 34, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 112.3 倍、股息率 0.0%、毛利率最新年报 20.7%、固定资产占比 21%、资产负债率 43%:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 21%,毛利率最新年报 20.7%。", "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 2.6%(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 20.7%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 21%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 112.3 倍 粗算,约 96%(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 143%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 -5% / -9% / -44%。", "行业对照": ["同富途行业「纸及纸制品」9 家中位:PE 7.6 / 股息率 0.0% / 毛利率 11.5% / 固定资产占比 54% / 分红率 0%。", "竣球控股:PE 比行业中位高 104.7倍;股息率 与行业中位持平;毛利率 比行业中位高 9.2个百分点;固定资产占比 比行业中位低 32.5个百分点。"]}}