{"F": {"ts_code": "HK.01888", "name": "建滔积层板", "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": "20061207", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 44.22, "pe_ttm": 31.698, "pb": 7.599, "dv_ttm": 1.54, "total_mv": 13935711.9, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [19.6], "rev_series": [204.0], "np_series": [24.4], "roe_series": [15.4], "rev_ttm": 204.0, "np_ttm": 44.0, "ocf_ttm": 24.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 1.8, "gm_median": 19.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 12.0, "roe_median": 15.4, "commodity": false, "hard_ratio": 28.9, "fix_assets": 70.2, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 32.2, "debt_ratio": 35.8, "debt_mv": null, "payout": 49.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 10.0, "np_yoy": 83.6, "np_vol": null, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "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": 249.3, "ret_20": 15.3, "ret_60": -27.1, "ret_120": 111.3, "ret_250": 254.0, "mdd_250": null, "vol_250": null, "pos_52w": 41.2, "eps": 0.775}, "S": {"duration": 55, "pricing": 42, "hard": 46, "bondness": 39}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 84%,PE TTM 31.7 倍,历史 PEG(PE ÷ 最新增速)0.38。", "经营现金流 24.9 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": "两条都不占:固定资产占比 29%,毛利率最新年报 19.6%。", "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 1.8%(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 19.6%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 29%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.7 倍 粗算,约 84%(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 254%,现价在 52 周高点的 41%;近 20 / 60 / 120 日 15% / -27% / 111%。", "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%。", "建滔积层板:PE 比行业中位高 16.4倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位低 4.6个百分点;固定资产占比 比行业中位高 12.5个百分点。"]}}