{"F": {"ts_code": "HK.02685", "name": "量化派", "mkt": "HK", "ccy": "港元", "sw1": "线上零售商", "sw2": "线上零售商", "sw3": "", "ind": "线上零售商", "fin_source": "futu", "market": "主板", "list_date": "20251127", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.08, "pe_ttm": 21.03, "pb": 1.371, "dv_ttm": 0.0, "total_mv": 212035.642008, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [95.4], "rev_series": [11.5], "np_series": [2.2], "roe_series": [93.3], "rev_ttm": 11.5, "np_ttm": 2.0, "ocf_ttm": -1.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -6.3, "gm_median": 95.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 18.9, "roe_median": 93.3, "commodity": false, "hard_ratio": 0.1, "fix_assets": 0.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 3.6, "debt_ratio": 18.1, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 8.9, "np_yoy": 38.7, "np_vol": null, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.8, "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": -84.8, "ret_20": -3.7, "ret_60": -70.3, "ret_120": -88.0, "ret_250": -58.4, "mdd_250": null, "vol_250": null, "pos_52w": 9.4, "eps": 0.416}, "S": {"duration": 41, "pricing": 80, "hard": 0, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 21.0 倍、股息率 0.0%、毛利率最新年报 95.4%、固定资产占比 0%、资产负债率 18%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 95.4%),硬资产占比 0%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -6.3%(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 95.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 0%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.0 倍 粗算,约 76%(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 -58%,现价在 52 周高点的 9%;近 20 / 60 / 120 日 -4% / -70% / -88%。", "行业对照": ["同富途行业「线上零售商」18 家中位:PE 17.4 / 股息率 0.0% / 毛利率 29.6% / 固定资产占比 2% / 分红率 19%。", "量化派:PE 比行业中位高 3.6倍;股息率 与行业中位持平;毛利率 比行业中位高 65.8个百分点;固定资产占比 比行业中位低 2.1个百分点。"]}}