{"F": {"ts_code": "HK.01891", "name": "兴合控股", "mkt": "HK", "ccy": "港元", "sw1": "其他金属及矿物", "sw2": "其他金属及矿物", "sw3": "", "ind": "其他金属及矿物", "fin_source": "futu", "market": "主板", "list_date": "20190315", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.19, "pe_ttm": 13.571, "pb": 0.4, "dv_ttm": 0.0, "total_mv": 19000.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [8.5], "rev_series": [28.0], "np_series": [0.2], "roe_series": [6.2], "rev_ttm": 28.0, "np_ttm": 0.1, "ocf_ttm": 0.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 21.3, "gm_median": 8.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 0.7, "roe_median": 6.2, "commodity": true, "hard_ratio": 10.4, "fix_assets": 0.7, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.5, "debt_ratio": 36.4, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -5.7, "np_yoy": -44.1, "np_vol": null, "loss_years": 0, "far_share": 63.0, "earn_yield": 7.4, "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": 31.9, "ret_20": 18.0, "ret_60": 6.7, "ret_120": 21.8, "ret_250": 39.7, "mdd_250": null, "vol_250": null, "pos_52w": 91.8, "eps": 0.028}, "S": {"duration": 29, "pricing": 70, "hard": 17, "bondness": 13}, "label": "中性", "tags": ["商品定价"], "text": {"像什么": ["PE 13.6 倍、股息率 0.0%、毛利率最新年报 8.5%、固定资产占比 10%、资产负债率 36%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 8.5%),硬资产占比 10%。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。", "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 21.3%(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 8.5%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 10%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.6 倍 粗算,约 63%(1 − 5/PE)。中等。"]], "价格行为": "近一年 40%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 18% / 7% / 22%。", "行业对照": ["同富途行业「其他金属及矿物」26 家中位:PE 11.1 / 股息率 0.0% / 毛利率 22.1% / 固定资产占比 30% / 分红率 7%。", "兴合控股:PE 比行业中位高 2.5倍;股息率 与行业中位持平;毛利率 比行业中位低 13.6个百分点;固定资产占比 比行业中位低 19.9个百分点。"]}}