{"F": {"ts_code": "HK.01712", "name": "龙资源", "mkt": "HK", "ccy": "港元", "sw1": "黄金及贵金属", "sw2": "黄金及贵金属", "sw3": "", "ind": "黄金及贵金属", "fin_source": "futu", "market": "主板", "list_date": "20260902", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": true, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.1, "pe_ttm": 2.877, "pb": 1.358, "dv_ttm": 0.0, "total_mv": 172641.50085, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [60.0], "rev_series": [7.5], "np_series": [3.1], "roe_series": [46.3], "rev_ttm": 7.5, "np_ttm": 5.9, "ocf_ttm": 6.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 38.9, "gm_median": 60.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 41.9, "roe_median": 46.3, "commodity": true, "hard_ratio": 29.8, "fix_assets": 2.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 4.0, "debt_ratio": 25.7, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 112.9, "np_yoy": 404.4, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 34.8, "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": 40.2, "ret_20": 22.1, "ret_60": 79.5, "ret_120": -17.9, "ret_250": 59.4, "mdd_250": null, "vol_250": null, "pos_52w": 70.2, "eps": 1.648}, "S": {"duration": 7, "pricing": 70, "hard": 48, "bondness": 13}, "label": "定价权·品牌", "tags": ["商品定价"], "text": {"像什么": ["没有硬资产(固定资产占比 30%)但有定价权:毛利率最新年报 60.0%、ROE 最新年报 46.3%。", "经营现金流/市值 38.9%,分红率 0%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 60.0%),硬资产占比 30%。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。 注意:金矿股不等于黄金,有运营杠杆和自身成本通胀,对冲美元信用直接买黄金 ETF 更纯。", "加息期怎么走": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 38.9%(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 60.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 30%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 2.9 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 59%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 22% / 80% / -18%。", "行业对照": ["同富途行业「黄金及贵金属」17 家中位:PE 16.5 / 股息率 0.5% / 毛利率 41.9% / 固定资产占比 26% / 分红率 16%。", "龙资源:PE 比行业中位低 13.6倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 18.1个百分点;固定资产占比 比行业中位高 4.2个百分点。"]}}