{"F": {"ts_code": "HK.02476", "name": "胜宏科技", "mkt": "HK", "ccy": "港元", "sw1": "电子零件", "sw2": "电子零件", "sw3": "", "ind": "电子零件", "fin_source": "futu", "market": "主板", "list_date": "20260421", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 197.5, "pe_ttm": 33.542, "pb": 4.447, "dv_ttm": 0.0, "total_mv": 19410000.05675, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [35.2], "rev_series": [214.5], "np_series": [48.0], "roe_series": [34.1], "rev_ttm": 214.5, "np_ttm": 81.0, "ocf_ttm": 72.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 3.7, "gm_median": 35.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 22.4, "roe_median": 34.1, "commodity": false, "hard_ratio": 37.4, "fix_assets": 112.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 57.8, "debt_ratio": 52.9, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 87.9, "np_yoy": 290.5, "np_vol": null, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.0, "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": -5.9, "ret_20": -22.9, "ret_60": -45.0, "ret_120": -5.9, "ret_250": -5.9, "mdd_250": null, "vol_250": null, "pos_52w": 41.6, "eps": 4.858}, "S": {"duration": 57, "pricing": 50, "hard": 60, "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 290%,PE TTM 33.5 倍,历史 PEG(PE ÷ 最新增速)0.12。", "经营现金流 72.0 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": "硬资产占比 37%、毛利率 35.2% 两条都占,但所在行业(电子零件)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 3.7%(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 35.2%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 37%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 33.5 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 -6%,现价在 52 周高点的 42%;近 20 / 60 / 120 日 -23% / -45% / -6%。", "行业对照": ["同富途行业「电子零件」27 家中位:PE 17.0 / 股息率 0.6% / 毛利率 16.4% / 固定资产占比 25% / 分红率 14%。", "胜宏科技:PE 比行业中位高 16.5倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位高 18.8个百分点;固定资产占比 比行业中位高 12.6个百分点。"]}}