{"F": {"ts_code": "HK.01767", "name": "TS WONDERS", "mkt": "HK", "ccy": "港元", "sw1": "包装食品", "sw2": "包装食品", "sw3": "", "ind": "包装食品", "fin_source": "futu", "market": "主板", "list_date": "20190114", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.335, "pe_ttm": 13.4, "pb": 0.604, "dv_ttm": 0.6, "total_mv": 33500.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [26.1], "rev_series": [4.4], "np_series": [0.2], "roe_series": [3.6], "rev_ttm": 4.4, "np_ttm": 0.2, "ocf_ttm": -0.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -3.9, "gm_median": 26.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 4.1, "roe_median": 3.6, "commodity": false, "hard_ratio": 32.8, "fix_assets": 1.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.3, "debt_ratio": 11.8, "debt_mv": null, "payout": 8.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 10.4, "np_yoy": -50.3, "np_vol": null, "loss_years": 0, "far_share": 63.0, "earn_yield": 7.5, "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": 12.5, "ret_20": 1.5, "ret_60": 3.1, "ret_120": -10.1, "ret_250": 12.5, "mdd_250": null, "vol_250": null, "pos_52w": 82.2, "eps": 0.018}, "S": {"duration": 28, "pricing": 45, "hard": 52, "bondness": 19}, "label": "中性", "tags": [], "text": {"像什么": ["PE 13.4 倍、股息率 0.6%、毛利率最新年报 26.1%、固定资产占比 33%、资产负债率 12%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 33%),没有定价权:毛利率最新年报 26.1%。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": "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 -3.9%(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 26.1%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 33%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.4 倍 粗算,约 63%(1 − 5/PE)。中等。"]], "价格行为": "近一年 12%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 2% / 3% / -10%。", "行业对照": ["同富途行业「包装食品」35 家中位:PE 12.8 / 股息率 0.6% / 毛利率 23.1% / 固定资产占比 18% / 分红率 32%。", "TS WONDERS:PE 比行业中位高 0.6倍;股息率 与行业中位持平;毛利率 比行业中位高 3.0个百分点;固定资产占比 比行业中位高 14.4个百分点。"]}}