{"F": {"ts_code": "HK.02546", "name": "智汇矿业", "mkt": "HK", "ccy": "港元", "sw1": "其他金属及矿物", "sw2": "其他金属及矿物", "sw3": "", "ind": "其他金属及矿物", "fin_source": "futu", "market": "主板", "list_date": "20251219", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 19.76, "pe_ttm": 37.638, "pb": 4.976, "dv_ttm": 0.59, "total_mv": 963903.982184, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [36.4], "rev_series": [6.9], "np_series": [1.7], "roe_series": [11.4], "rev_ttm": 6.9, "np_ttm": 2.8, "ocf_ttm": 4.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 4.3, "gm_median": 36.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 24.4, "roe_median": 11.4, "commodity": true, "hard_ratio": 38.7, "fix_assets": 7.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 1.9, "debt_ratio": 20.4, "debt_mv": null, "payout": 22.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 113.6, "np_yoy": 180.8, "np_vol": null, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.7, "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": 99.7, "ret_20": 7.6, "ret_60": 40.8, "ret_120": 11.7, "ret_250": 338.1, "mdd_250": null, "vol_250": null, "pos_52w": 84.7, "eps": 0.341}, "S": {"duration": 61, "pricing": 70, "hard": 62, "bondness": 24}, "label": "钱的替代品", "tags": ["成长兑现", "商品定价"], "text": {"像什么": ["硬资产:固定资产 8 亿,占总资产 39%,重置成本随通胀上升。", "定价权来自商品本身:其他金属及矿物 的价格是通胀的组成部分,利润是商品价格的函数。", "当期现金流:经营现金流/市值 4.3%,股息率 0.6%,估值里 5 年后的故事约占 87%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 39%)和定价权(商品价格)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 4.3%(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 36.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 39%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 37.6 倍 粗算,约 87%(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 338%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 8% / 41% / 12%。 钱的替代品是体制切换的 β:过去一年已经跑过,加仓看信号。", "行业对照": ["同富途行业「其他金属及矿物」26 家中位:PE 11.1 / 股息率 0.0% / 毛利率 22.1% / 固定资产占比 30% / 分红率 7%。", "智汇矿业:PE 比行业中位高 26.5倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 14.3个百分点;固定资产占比 比行业中位高 8.4个百分点。"]}}