{"F": {"ts_code": "HK.02097", "name": "蜜雪集团", "mkt": "HK", "ccy": "港元", "sw1": "非酒精饮料", "sw2": "非酒精饮料", "sw3": "", "ind": "非酒精饮料", "fin_source": "futu", "market": "主板", "list_date": "20250303", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 206.2, "pe_ttm": 12.383, "pb": 2.543, "dv_ttm": 0.0, "total_mv": 7827739.656, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [31.1], "rev_series": [373.2], "np_series": [65.9], "roe_series": [30.2], "rev_ttm": 373.2, "np_ttm": 62.5, "ocf_ttm": 31.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 4.0, "gm_median": 31.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 17.7, "roe_median": 30.2, "commodity": false, "hard_ratio": 21.3, "fix_assets": 59.2, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 84.3, "debt_ratio": 19.6, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 41.3, "np_yoy": 39.1, "np_vol": null, "loss_years": 0, "far_share": 60.0, "earn_yield": 8.1, "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": -49.7, "ret_20": -10.1, "ret_60": -21.8, "ret_120": -36.0, "ret_250": -52.6, "mdd_250": null, "vol_250": null, "pos_52w": 44.3, "eps": 17.168}, "S": {"duration": 27, "pricing": 48, "hard": 34, "bondness": 13}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 39%,PE TTM 12.4 倍,历史 PEG(PE ÷ 最新增速)0.32。", "经营现金流 31.3 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": "只占定价权一条(毛利率 31.1%),硬资产占比 21%。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": "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 4.0%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 31.1%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 21%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.4 倍 粗算,约 60%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -53%,现价在 52 周高点的 44%;近 20 / 60 / 120 日 -10% / -22% / -36%。", "行业对照": ["同富途行业「非酒精饮料」21 家中位:PE 13.3 / 股息率 2.7% / 毛利率 37.1% / 固定资产占比 22% / 分红率 60%。", "蜜雪集团:PE 比行业中位低 0.9倍;股息率 比行业中位低 2.7个百分点;毛利率 比行业中位低 6.0个百分点;固定资产占比 比行业中位低 0.5个百分点。"]}}