{"F": {"ts_code": "HK.02290", "name": "龙丰集团", "mkt": "HK", "ccy": "港元", "sw1": "其他零售商", "sw2": "其他零售商", "sw3": "", "ind": "其他零售商", "fin_source": "futu", "market": "主板", "list_date": "20260605", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.035, "pe_ttm": 7.5, "pb": 43.858, "dv_ttm": 0.0, "total_mv": 201750.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [31.0], "rev_series": [32.8], "np_series": [2.7], "roe_series": [594.7], "rev_ttm": 32.8, "np_ttm": 2.7, "ocf_ttm": 16.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 84.0, "gm_median": 31.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 8.2, "roe_median": 594.7, "commodity": false, "hard_ratio": 7.3, "fix_assets": 0.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 3.7, "debt_ratio": 96.3, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 33.2, "np_yoy": 57.9, "np_vol": null, "loss_years": 0, "far_share": 33.0, "earn_yield": 13.3, "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": -22.1, "ret_20": 22.3, "ret_60": 36.3, "ret_120": -22.1, "ret_250": -22.1, "mdd_250": null, "vol_250": null, "pos_52w": 87.7, "eps": 0.538}, "S": {"duration": 17, "pricing": 48, "hard": 12, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 7.5 倍、股息率 0.0%、毛利率最新年报 31.0%、固定资产占比 7%、资产负债率 96%: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 31.0%),硬资产占比 7%。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 84.0%(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 31.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 7%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.5 倍 粗算,约 33%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -22%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 22% / 36% / -22%。", "行业对照": ["同富途行业「其他零售商」16 家中位:PE 6.6 / 股息率 0.6% / 毛利率 31.1% / 固定资产占比 6% / 分红率 44%。", "龙丰集团:PE 比行业中位高 0.9倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位低 0.1个百分点;固定资产占比 比行业中位高 1.7个百分点。"]}}