{"F": {"ts_code": "HK.02218", "name": "安德利果汁", "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": "20030422", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 21.5, "pe_ttm": 24.239, "pb": 2.262, "dv_ttm": 1.63, "total_mv": 704959.2, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [24.3], "rev_series": [18.7], "np_series": [3.7], "roe_series": [12.3], "rev_ttm": 18.7, "np_ttm": 2.9, "ocf_ttm": 3.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 4.3, "gm_median": 24.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 19.7, "roe_median": 12.3, "commodity": false, "hard_ratio": 30.3, "fix_assets": 9.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 3.6, "debt_ratio": 5.3, "debt_mv": null, "payout": 40.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 23.6, "np_yoy": 32.5, "np_vol": null, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.1, "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": 62.7, "ret_20": -5.9, "ret_60": 10.0, "ret_120": 37.7, "ret_250": 23.9, "mdd_250": null, "vol_250": null, "pos_52w": 52.3, "eps": 1.115}, "S": {"duration": 45, "pricing": 44, "hard": 48, "bondness": 37}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 32%,PE TTM 24.2 倍,历史 PEG(PE ÷ 最新增速)0.75。", "经营现金流 3.0 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": "只占硬资产一条(占比 30%),没有定价权:毛利率最新年报 24.3%。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": "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 4.3%(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 24.3%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 30%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.2 倍 粗算,约 79%(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 24%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -6% / 10% / 38%。", "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%。", "安德利果汁:PE 比行业中位高 10.9倍;股息率 比行业中位低 1.1个百分点;毛利率 比行业中位低 12.8个百分点;固定资产占比 比行业中位高 8.5个百分点。"]}}