{"F": {"ts_code": "HK.02585", "name": "梦金园", "mkt": "HK", "ccy": "港元", "sw1": "其他零售商", "sw2": "其他零售商", "sw3": "", "ind": "其他零售商", "fin_source": "futu", "market": "主板", "list_date": "20241129", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 29.6, "pe_ttm": 37.707, "pb": 3.091, "dv_ttm": 1.16, "total_mv": 808149.4593600001, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [7.6], "rev_series": [230.3], "np_series": [1.2], "roe_series": [4.1], "rev_ttm": 230.3, "np_ttm": 2.1, "ocf_ttm": -3.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -4.2, "gm_median": 7.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 0.5, "roe_median": 4.1, "commodity": false, "hard_ratio": 7.6, "fix_assets": 4.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 2.8, "debt_ratio": 52.2, "debt_mv": null, "payout": 44.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 9.8, "np_yoy": -42.7, "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": 95.5, "ret_20": 2.6, "ret_60": 140.1, "ret_120": 25.1, "ret_250": 95.4, "mdd_250": null, "vol_250": null, "pos_52w": 84.9, "eps": 0.391}, "S": {"duration": 61, "pricing": 36, "hard": 12, "bondness": 35}, "label": "中性", "tags": [], "text": {"像什么": ["PE 37.7 倍、股息率 1.2%、毛利率最新年报 7.6%、固定资产占比 8%、资产负债率 52%: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 8%,毛利率最新年报 7.6%。", "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 -4.2%(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 7.6%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 8%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 37.7 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 95%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 3% / 140% / 25%。", "行业对照": ["同富途行业「其他零售商」16 家中位:PE 6.6 / 股息率 0.6% / 毛利率 31.1% / 固定资产占比 6% / 分红率 44%。", "梦金园:PE 比行业中位高 31.1倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位低 23.5个百分点;固定资产占比 比行业中位高 2.0个百分点。"]}}