{"F": {"ts_code": "HK.01809", "name": "浦林成山", "mkt": "HK", "ccy": "港元", "sw1": "汽车零件", "sw2": "汽车零件", "sw3": "", "ind": "汽车零件", "fin_source": "futu", "market": "主板", "list_date": "20181009", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.32, "pe_ttm": 4.087, "pb": 0.566, "dv_ttm": 6.83, "total_mv": 467488.14, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [18.1], "rev_series": [131.3], "np_series": [12.1], "roe_series": [16.0], "rev_ttm": 131.3, "np_ttm": 11.3, "ocf_ttm": 15.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 32.8, "gm_median": 18.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.2, "roe_median": 16.0, "commodity": false, "hard_ratio": 45.2, "fix_assets": 56.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 13.6, "debt_ratio": 38.8, "debt_mv": null, "payout": 28.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 12.5, "np_yoy": -13.3, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 24.5, "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": 0.3, "ret_20": 9.3, "ret_60": 10.6, "ret_120": 2.1, "ret_250": 10.4, "mdd_250": null, "vol_250": null, "pos_52w": 93.1, "eps": 1.885}, "S": {"duration": 10, "pricing": 41, "hard": 72, "bondness": 53}, "label": "重资产陷阱", "tags": ["股息率≥4%"], "text": {"像什么": ["资产很重:固定资产占总资产 45%,但毛利率最新年报只有 18.1%,产品同质、售价涨不动。", "资产负债率 39%,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 45%),没有定价权:毛利率最新年报 18.1%。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": "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 32.8%(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 45%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 4.1 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 10%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 9% / 11% / 2%。", "行业对照": ["同富途行业「汽车零件」28 家中位:PE 12.3 / 股息率 1.5% / 毛利率 18.1% / 固定资产占比 21% / 分红率 32%。", "浦林成山:PE 比行业中位低 8.2倍;股息率 比行业中位高 5.3个百分点;毛利率 与行业中位持平;固定资产占比 比行业中位高 24.4个百分点。"]}}