{"F": {"ts_code": "HK.02475", "name": "立讯精密", "mkt": "HK", "ccy": "港元", "sw1": "消费性电讯设备", "sw2": "消费性电讯设备", "sw3": "", "ind": "消费性电讯设备", "fin_source": "futu", "market": "主板", "list_date": "20260709", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 59.0, "pe_ttm": 22.28, "pb": 4.259, "dv_ttm": 0.0, "total_mv": 45653472.9607, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [11.6], "rev_series": [3696.0], "np_series": [202.1], "roe_series": [21.8], "rev_ttm": 3696.0, "np_ttm": 275.3, "ocf_ttm": 182.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 4.0, "gm_median": 11.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 5.5, "roe_median": 21.8, "commodity": false, "hard_ratio": 23.8, "fix_assets": 695.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 237.6, "debt_ratio": 66.1, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 29.3, "np_yoy": 30.3, "np_vol": null, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.5, "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": -6.8, "ret_20": -6.9, "ret_60": -6.8, "ret_120": -6.8, "ret_250": -6.8, "mdd_250": null, "vol_250": null, "pos_52w": 89.1, "eps": 2.375}, "S": {"duration": 43, "pricing": 38, "hard": 38, "bondness": 13}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 30%,PE TTM 22.3 倍,历史 PEG(PE ÷ 最新增速)0.74。", "经营现金流 182.6 亿(正),没有一致预期数据,风险在增速能否延续。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 24%,毛利率最新年报 11.6%。", "加息期怎么走": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 4.0%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 11.6%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 24%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.3 倍 粗算,约 78%(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 -7%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 -7% / -7% / -7%。", "行业对照": ["同富途行业「消费性电讯设备」20 家中位:PE 22.0 / 股息率 0.3% / 毛利率 10.1% / 固定资产占比 2% / 分红率 26%。", "立讯精密:PE 比行业中位高 0.3倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 1.5个百分点;固定资产占比 比行业中位高 22.3个百分点。"]}}