{"F": {"ts_code": "HK.01719", "name": "中国通商集团", "mkt": "HK", "ccy": "港元", "sw1": "航运及港口", "sw2": "航运及港口", "sw3": "", "ind": "航运及港口", "fin_source": "futu", "market": "主板", "list_date": "20050916", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.213, "pe_ttm": 21.3, "pb": 0.436, "dv_ttm": 0.0, "total_mv": 36743.920475700004, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [18.1], "rev_series": [4.1], "np_series": [0.1], "roe_series": [1.4], "rev_ttm": 4.1, "np_ttm": 0.2, "ocf_ttm": 0.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 14.4, "gm_median": 18.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 3.1, "roe_median": 1.4, "commodity": false, "hard_ratio": 23.6, "fix_assets": 3.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.3, "debt_ratio": 35.9, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 3.0, "np_yoy": -1.9, "np_vol": null, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.7, "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": -35.5, "ret_20": -19.6, "ret_60": -16.5, "ret_120": -33.4, "ret_250": -45.4, "mdd_250": null, "vol_250": null, "pos_52w": 52.0, "eps": 0.006}, "S": {"duration": 41, "pricing": 41, "hard": 38, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 21.3 倍、股息率 0.0%、毛利率最新年报 18.1%、固定资产占比 24%、资产负债率 36%: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 24%,毛利率最新年报 18.1%。", "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 14.4%(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 18.1%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 24%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.3 倍 粗算,约 77%(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 -45%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -20% / -16% / -33%。", "行业对照": ["同富途行业「航运及港口」30 家中位:PE 8.9 / 股息率 4.3% / 毛利率 19.9% / 固定资产占比 41% / 分红率 34%。", "中国通商集团:PE 比行业中位高 12.4倍;股息率 比行业中位低 4.3个百分点;毛利率 比行业中位低 1.8个百分点;固定资产占比 比行业中位低 17.1个百分点。"]}}