{"F": {"ts_code": "HK.02451", "name": "绿源集团控股", "mkt": "HK", "ccy": "港元", "sw1": "摩托车及其他", "sw2": "摩托车及其他", "sw3": "", "ind": "摩托车及其他", "fin_source": "futu", "market": "主板", "list_date": "20231012", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.87, "pe_ttm": 32.418, "pb": 2.624, "dv_ttm": 0.0, "total_mv": 522685.449, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [13.8], "rev_series": [65.7], "np_series": [1.9], "roe_series": [11.2], "rev_ttm": 65.7, "np_ttm": 1.6, "ocf_ttm": -3.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -7.5, "gm_median": 13.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 3.0, "roe_median": 11.2, "commodity": false, "hard_ratio": 27.2, "fix_assets": 14.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 2.3, "debt_ratio": 67.1, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 21.7, "np_yoy": 57.7, "np_vol": null, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.1, "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": 3.8, "ret_20": -0.8, "ret_60": 29.3, "ret_120": -20.8, "ret_250": 46.1, "mdd_250": null, "vol_250": null, "pos_52w": 76.5, "eps": 0.477}, "S": {"duration": 56, "pricing": 39, "hard": 44, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 32.4 倍、股息率 0.0%、毛利率最新年报 13.8%、固定资产占比 27%、资产负债率 67%: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 27%,毛利率最新年报 13.8%。", "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 -7.5%(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 13.8%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 27%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.4 倍 粗算,约 85%(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 46%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 -1% / 29% / -21%。", "行业对照": ["同富途行业「摩托车及其他」3 家中位:PE 10.0 / 股息率 0.0% / 毛利率 13.8% / 固定资产占比 23% / 分红率 0%。", "绿源集团控股:PE 比行业中位高 22.4倍;股息率 与行业中位持平;毛利率 与行业中位持平;固定资产占比 比行业中位高 4.3个百分点。"]}}