{"F": {"ts_code": "HK.02573", "name": "新琪安", "mkt": "HK", "ccy": "港元", "sw1": "食品添加剂", "sw2": "食品添加剂", "sw3": "", "ind": "食品添加剂", "fin_source": "futu", "market": "主板", "list_date": "20250610", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.485, "pe_ttm": -6.027, "pb": 0.784, "dv_ttm": 0.0, "total_mv": 52782.831849, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [18.6], "rev_series": [6.5], "np_series": [0.1], "roe_series": [2.3], "rev_ttm": 6.5, "np_ttm": -0.9, "ocf_ttm": -0.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -4.7, "gm_median": 18.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.2, "roe_median": 2.3, "commodity": false, "hard_ratio": 39.7, "fix_assets": 4.2, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.3, "debt_ratio": 41.5, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 7.2, "np_yoy": -68.5, "np_vol": null, "loss_years": 1, "far_share": 100, "earn_yield": null, "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": -31.9, "ret_20": 22.4, "ret_60": 16.5, "ret_120": -9.8, "ret_250": -56.1, "mdd_250": null, "vol_250": null, "pos_52w": 44.5, "eps": 0.15}, "S": {"duration": 100, "pricing": 41, "hard": 64, "bondness": 13}, "label": "重资产陷阱", "tags": ["亏损或困境"], "text": {"像什么": ["资产很重:固定资产占总资产 40%,但毛利率最新年报只有 18.6%,产品同质、售价涨不动。", "资产负债率 42%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 40%),没有定价权:毛利率最新年报 18.6%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 -4.7%(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 18.6%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 40%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -56%,现价在 52 周高点的 44%;近 20 / 60 / 120 日 22% / 16% / -10%。", "行业对照": ["同富途行业「食品添加剂」12 家中位:PE 15.0 / 股息率 2.4% / 毛利率 20.5% / 固定资产占比 32% / 分红率 93%。", "新琪安:PE 比行业中位低 21.0倍;股息率 比行业中位低 2.4个百分点;毛利率 比行业中位低 1.9个百分点;固定资产占比 比行业中位高 8.0个百分点。"]}}