{"F": {"ts_code": "HK.02209", "name": "喆丽控股", "mkt": "HK", "ccy": "港元", "sw1": "线上零售商", "sw2": "线上零售商", "sw3": "", "ind": "线上零售商", "fin_source": "futu", "market": "主板", "list_date": "20210709", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.4, "pe_ttm": 6.627, "pb": 1.948, "dv_ttm": 2.94, "total_mv": 142455.88464, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [29.6], "rev_series": [39.0], "np_series": [1.8], "roe_series": [34.9], "rev_ttm": 39.0, "np_ttm": 2.1, "ocf_ttm": 1.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.9, "gm_median": 29.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 4.6, "roe_median": 34.9, "commodity": false, "hard_ratio": 4.7, "fix_assets": 0.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 2.4, "debt_ratio": 51.1, "debt_mv": null, "payout": 19.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 45.3, "np_yoy": 21.7, "np_vol": null, "loss_years": 0, "far_share": 25.0, "earn_yield": 15.1, "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": -10.8, "ret_20": -8.6, "ret_60": 13.7, "ret_120": 10.7, "ret_250": -47.9, "mdd_250": null, "vol_250": null, "pos_52w": 49.2, "eps": 0.431}, "S": {"duration": 15, "pricing": 47, "hard": 8, "bondness": 37}, "label": "中性", "tags": [], "text": {"像什么": ["PE 6.6 倍、股息率 2.9%、毛利率最新年报 29.6%、固定资产占比 5%、资产负债率 51%:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 5%,毛利率最新年报 29.6%。", "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 9.9%(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 29.6%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 5%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.6 倍 粗算,约 25%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -48%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -9% / 14% / 11%。", "行业对照": ["同富途行业「线上零售商」18 家中位:PE 17.4 / 股息率 0.0% / 毛利率 29.6% / 固定资产占比 2% / 分红率 19%。", "喆丽控股:PE 比行业中位低 10.8倍;股息率 比行业中位高 2.9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 2.5个百分点。"]}}