{"F": {"ts_code": "HK.01610", "name": "中粮家佳康", "mkt": "HK", "ccy": "港元", "sw1": "禽畜肉类", "sw2": "禽畜肉类", "sw3": "", "ind": "禽畜肉类", "fin_source": "futu", "market": "主板", "list_date": "20161101", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.17, "pe_ttm": -1.78, "pb": 0.659, "dv_ttm": 0.0, "total_mv": 536093.803791, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [1.8], "rev_series": [206.6], "np_series": [-8.3], "roe_series": [-8.4], "rev_ttm": 206.6, "np_ttm": -29.7, "ocf_ttm": -3.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -5.7, "gm_median": 1.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -4.0, "roe_median": -8.4, "commodity": false, "hard_ratio": 60.8, "fix_assets": 140.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -6.0, "debt_ratio": 59.3, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 19.0, "np_yoy": -240.3, "np_vol": null, "loss_years": 1, "far_share": 100, "earn_yield": null, "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": -25.0, "ret_20": 7.8, "ret_60": 3.5, "ret_120": -29.1, "ret_250": -35.4, "mdd_250": null, "vol_250": null, "pos_52w": 57.6, "eps": -0.18}, "S": {"duration": 100, "pricing": 33, "hard": 97, "bondness": 13}, "label": "重资产陷阱", "tags": ["亏损或困境"], "text": {"像什么": ["资产很重:固定资产占总资产 61%,但毛利率最新年报只有 1.8%,产品同质、售价涨不动。", "资产负债率 59%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 61%),没有定价权:毛利率最新年报 1.8%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 -5.7%(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 1.8%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 61%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -35%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 8% / 4% / -29%。", "行业对照": ["同富途行业「禽畜肉类」6 家中位:PE — / 股息率 0.0% / 毛利率 9.1% / 固定资产占比 35% / 分红率 —。", "中粮家佳康:PE ;股息率 与行业中位持平;毛利率 比行业中位低 7.3个百分点;固定资产占比 比行业中位高 25.5个百分点。"]}}