{"F": {"ts_code": "HK.02899", "name": "紫金矿业", "mkt": "HK", "ccy": "港元", "sw1": "黄金及贵金属", "sw2": "黄金及贵金属", "sw3": "", "ind": "黄金及贵金属", "fin_source": "futu", "market": "主板", "list_date": "20031223", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": true, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 36.6, "pe_ttm": 12.495, "pb": 4.185, "dv_ttm": 2.52, "total_mv": 97322015.51652, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [27.7], "rev_series": [3882.1], "np_series": [709.8], "roe_series": [32.2], "rev_ttm": 3882.1, "np_ttm": 773.3, "ocf_ttm": 1164.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 12.0, "gm_median": 27.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 18.3, "roe_median": 32.2, "commodity": true, "hard_ratio": 23.0, "fix_assets": 1151.4, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 946.5, "debt_ratio": 51.6, "debt_mv": null, "payout": 31.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 20.2, "np_yoy": 69.4, "np_vol": null, "loss_years": 0, "far_share": 60.0, "earn_yield": 8.0, "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": 5.4, "ret_20": 0.5, "ret_60": 25.2, "ret_120": -5.8, "ret_250": 55.6, "mdd_250": null, "vol_250": null, "pos_52w": 79.5, "eps": 2.156}, "S": {"duration": 27, "pricing": 70, "hard": 37, "bondness": 39}, "label": "成长兑现", "tags": ["商品定价"], "text": {"像什么": ["盈利在追估值:最新净利润同比 69%,PE TTM 12.5 倍,历史 PEG(PE ÷ 最新增速)0.18。", "经营现金流 1164.1 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": "只占定价权一条(毛利率 27.7%),硬资产占比 23%。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。 注意:金矿股不等于黄金,有运营杠杆和自身成本通胀,对冲美元信用直接买黄金 ETF 更纯。", "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 12.0%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率最新年报 27.7%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 23%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.5 倍 粗算,约 60%(1 − 5/PE)。中等。"]], "价格行为": "近一年 56%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 0% / 25% / -6%。", "行业对照": ["同富途行业「黄金及贵金属」17 家中位:PE 16.5 / 股息率 0.5% / 毛利率 41.9% / 固定资产占比 26% / 分红率 16%。", "紫金矿业:PE 比行业中位低 4.0倍;股息率 比行业中位高 2.0个百分点;毛利率 比行业中位低 14.2个百分点;固定资产占比 比行业中位低 2.6个百分点。"]}}