{"F": {"ts_code": "HK.01645", "name": "海纳智能", "mkt": "HK", "ccy": "港元", "sw1": "工业零件及器材", "sw2": "工业零件及器材", "sw3": "", "ind": "工业零件及器材", "fin_source": "futu", "market": "主板", "list_date": "20200603", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.76, "pe_ttm": 74.594, "pb": 4.6, "dv_ttm": 0.0, "total_mv": 155657.376, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [23.3], "rev_series": [5.5], "np_series": [0.2], "roe_series": [8.0], "rev_ttm": 5.5, "np_ttm": 0.2, "ocf_ttm": 0.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 2.5, "gm_median": 23.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 3.9, "roe_median": 8.0, "commodity": false, "hard_ratio": 45.1, "fix_assets": 4.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.2, "debt_ratio": 69.9, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 38.8, "np_yoy": 148.7, "np_vol": null, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.3, "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": -11.8, "ret_20": 9.3, "ret_60": 3.8, "ret_120": -29.2, "ret_250": 160.4, "mdd_250": null, "vol_250": null, "pos_52w": 65.4, "eps": 0.043}, "S": {"duration": 85, "pricing": 44, "hard": 72, "bondness": 13}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 149%,PE TTM 74.6 倍,历史 PEG(PE ÷ 最新增速)0.50。", "经营现金流 0.4 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": "只占硬资产一条(占比 45%),没有定价权:毛利率最新年报 23.3%。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": "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 2.5%(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 23.3%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 45%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 74.6 倍 粗算,约 93%(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 160%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 9% / 4% / -29%。", "行业对照": ["同富途行业「工业零件及器材」73 家中位:PE 15.3 / 股息率 0.0% / 毛利率 24.2% / 固定资产占比 16% / 分红率 25%。", "海纳智能:PE 比行业中位高 59.3倍;股息率 与行业中位持平;毛利率 比行业中位低 0.9个百分点;固定资产占比 比行业中位高 28.7个百分点。"]}}