{"F": {"ts_code": "HK.02655", "name": "果下科技", "mkt": "HK", "ccy": "港元", "sw1": "能源储存装置", "sw2": "能源储存装置", "sw3": "", "ind": "能源储存装置", "fin_source": "futu", "market": "主板", "list_date": "20251216", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.05, "pe_ttm": 45.726, "pb": 5.942, "dv_ttm": 0.0, "total_mv": 830927.077875, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [18.6], "rev_series": [22.9], "np_series": [1.1], "roe_series": [16.6], "rev_ttm": 22.9, "np_ttm": 1.8, "ocf_ttm": 1.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 1.2, "gm_median": 18.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 5.0, "roe_median": 16.6, "commodity": false, "hard_ratio": 6.1, "fix_assets": 1.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 1.7, "debt_ratio": 66.5, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 109.7, "np_yoy": 119.0, "np_vol": null, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "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": -58.8, "ret_20": -2.1, "ret_60": -5.7, "ret_120": -67.9, "ret_250": -20.1, "mdd_250": null, "vol_250": null, "pos_52w": 20.9, "eps": 0.22}, "S": {"duration": 68, "pricing": 41, "hard": 10, "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 119%,PE TTM 45.7 倍,历史 PEG(PE ÷ 最新增速)0.38。", "经营现金流 1.0 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": "两条都不占:固定资产占比 6%,毛利率最新年报 18.6%。", "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 1.2%(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 18.6%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 6%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 45.7 倍 粗算,约 89%(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 -20%,现价在 52 周高点的 21%;近 20 / 60 / 120 日 -2% / -6% / -68%。", "行业对照": ["同富途行业「能源储存装置」16 家中位:PE 15.9 / 股息率 0.0% / 毛利率 15.3% / 固定资产占比 21% / 分红率 0%。", "果下科技:PE 比行业中位高 29.8倍;股息率 与行业中位持平;毛利率 比行业中位高 3.3个百分点;固定资产占比 比行业中位低 14.5个百分点。"]}}