{"F": {"ts_code": "HK.02321", "name": "双财庄", "mkt": "HK", "ccy": "港元", "sw1": "包装食品", "sw2": "包装食品", "sw3": "", "ind": "包装食品", "fin_source": "futu", "market": "主板", "list_date": "20220819", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.5, "pe_ttm": 7.692, "pb": 0.878, "dv_ttm": 1.8, "total_mv": 50007.5, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [13.1], "rev_series": [17.9], "np_series": [0.6], "roe_series": [13.3], "rev_ttm": 17.9, "np_ttm": 0.7, "ocf_ttm": -0.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -3.9, "gm_median": 13.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 3.6, "roe_median": 13.3, "commodity": false, "hard_ratio": 12.8, "fix_assets": 1.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.8, "debt_ratio": 38.8, "debt_mv": null, "payout": 14.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 13.0, "np_yoy": 31.0, "np_vol": null, "loss_years": 0, "far_share": 35.0, "earn_yield": 13.0, "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": 24.6, "ret_20": -2.2, "ret_60": 3.9, "ret_120": -2.2, "ret_250": 23.0, "mdd_250": null, "vol_250": null, "pos_52w": 90.7, "eps": 0.064}, "S": {"duration": 17, "pricing": 39, "hard": 20, "bondness": 29}, "label": "中性", "tags": [], "text": {"像什么": ["PE 7.7 倍、股息率 1.8%、毛利率最新年报 13.1%、固定资产占比 13%、资产负债率 39%: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 13%,毛利率最新年报 13.1%。", "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 -3.9%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 13.1%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 13%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.7 倍 粗算,约 35%(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 91%;近 20 / 60 / 120 日 -2% / 4% / -2%。", "行业对照": ["同富途行业「包装食品」35 家中位:PE 12.8 / 股息率 0.6% / 毛利率 23.1% / 固定资产占比 18% / 分红率 32%。", "双财庄:PE 比行业中位低 5.1倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位低 10.0个百分点;固定资产占比 比行业中位低 5.6个百分点。"]}}