{"F": {"ts_code": "HK.02418", "name": "德银天下", "mkt": "HK", "ccy": "港元", "sw1": "采购及供应链管理", "sw2": "采购及供应链管理", "sw3": "", "ind": "采购及供应链管理", "fin_source": "futu", "market": "主板", "list_date": "20220715", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.05, "pe_ttm": 190.625, "pb": 1.764, "dv_ttm": 1.18, "total_mv": 656481.512, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [14.4], "rev_series": [30.7], "np_series": [0.7], "roe_series": [2.1], "rev_ttm": 30.7, "np_ttm": 0.4, "ocf_ttm": 5.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 8.4, "gm_median": 14.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.2, "roe_median": 2.1, "commodity": false, "hard_ratio": 1.3, "fix_assets": 1.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 2.7, "debt_ratio": 70.8, "debt_mv": null, "payout": 225.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 9.9, "np_yoy": -60.2, "np_vol": null, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.5, "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": -67.6, "ret_20": 9.3, "ret_60": 12.1, "ret_120": 55.3, "ret_250": 41.6, "mdd_250": null, "vol_250": null, "pos_52w": 26.8, "eps": 0.035}, "S": {"duration": 99, "pricing": 39, "hard": 2, "bondness": 55}, "label": "中性", "tags": [], "text": {"像什么": ["PE 190.6 倍、股息率 1.2%、毛利率最新年报 14.4%、固定资产占比 1%、资产负债率 71%: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 1%,毛利率最新年报 14.4%。", "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 8.4%(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 14.4%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 1%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 190.6 倍 粗算,约 97%(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 42%,现价在 52 周高点的 27%;近 20 / 60 / 120 日 9% / 12% / 55%。", "行业对照": ["同富途行业「采购及供应链管理」11 家中位:PE 15.7 / 股息率 0.0% / 毛利率 9.6% / 固定资产占比 1% / 分红率 0%。", "德银天下:PE 比行业中位高 174.9倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位高 4.8个百分点;固定资产占比 与行业中位持平。"]}}