{"F": {"ts_code": "HK.02299", "name": "百宏实业", "mkt": "HK", "ccy": "港元", "sw1": "纺织品及布料", "sw2": "纺织品及布料", "sw3": "", "ind": "纺织品及布料", "fin_source": "futu", "market": "主板", "list_date": "20110518", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.505, "pe_ttm": 8.06, "pb": 0.827, "dv_ttm": 1.82, "total_mv": 1161786.21, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [8.0], "rev_series": [200.7], "np_series": [7.2], "roe_series": [5.8], "rev_ttm": 200.7, "np_ttm": 14.4, "ocf_ttm": 19.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 17.1, "gm_median": 8.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 3.6, "roe_median": 5.8, "commodity": false, "hard_ratio": 44.4, "fix_assets": 131.2, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 9.1, "debt_ratio": 55.1, "debt_mv": null, "payout": 15.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -8.5, "np_yoy": -10.1, "np_vol": null, "loss_years": 0, "far_share": 38.0, "earn_yield": 12.4, "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": 12.3, "ret_20": -0.8, "ret_60": 10.5, "ret_120": 23.2, "ret_250": 23.2, "mdd_250": null, "vol_250": null, "pos_52w": 86.0, "eps": 0.337}, "S": {"duration": 18, "pricing": 36, "hard": 71, "bondness": 29}, "label": "重资产陷阱", "tags": [], "text": {"像什么": ["资产很重:固定资产占总资产 44%,但毛利率最新年报只有 8.0%,产品同质、售价涨不动。", "资产负债率 55%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 44%),没有定价权:毛利率最新年报 8.0%。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": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 17.1%(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 8.0%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 44%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.1 倍 粗算,约 38%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 23%,现价在 52 周高点的 86%;近 20 / 60 / 120 日 -1% / 10% / 23%。", "行业对照": ["同富途行业「纺织品及布料」13 家中位:PE 7.6 / 股息率 5.0% / 毛利率 13.5% / 固定资产占比 26% / 分红率 56%。", "百宏实业:PE 比行业中位高 0.5倍;股息率 比行业中位低 3.2个百分点;毛利率 比行业中位低 5.5个百分点;固定资产占比 比行业中位高 17.9个百分点。"]}}