{"F": {"ts_code": "HK.03332", "name": "中生联合", "mkt": "HK", "ccy": "港元", "sw1": "膳食补充品", "sw2": "膳食补充品", "sw3": "", "ind": "膳食补充品", "fin_source": "futu", "market": "主板", "list_date": "20140115", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.15, "pe_ttm": 6.25, "pb": 0.295, "dv_ttm": 0.0, "total_mv": 14194.47555, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [73.3], "rev_series": [8.6], "np_series": [0.3], "roe_series": [6.2], "rev_ttm": 8.6, "np_ttm": 0.2, "ocf_ttm": 0.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 46.5, "gm_median": 73.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 3.2, "roe_median": 6.2, "commodity": false, "hard_ratio": 14.3, "fix_assets": 0.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.3, "debt_ratio": 30.9, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 8.0, "np_yoy": -25.4, "np_vol": null, "loss_years": 0, "far_share": 20.0, "earn_yield": 16.0, "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": -60.5, "ret_20": 15.4, "ret_60": -23.5, "ret_120": -58.9, "ret_250": -62.5, "mdd_250": null, "vol_250": null, "pos_52w": 32.6, "eps": 0.029}, "S": {"duration": 14, "pricing": 69, "hard": 23, "bondness": 13}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 14%,毛利率最新年报 73.3%,经营现金流/市值 46.5%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 73.3%),硬资产占比 14%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 46.5%(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 73.3%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 14%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.2 倍 粗算,约 20%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -62%,现价在 52 周高点的 33%;近 20 / 60 / 120 日 15% / -24% / -59%。", "行业对照": ["同富途行业「膳食补充品」11 家中位:PE 11.5 / 股息率 0.0% / 毛利率 69.0% / 固定资产占比 14% / 分红率 14%。", "中生联合:PE 比行业中位低 5.2倍;股息率 与行业中位持平;毛利率 比行业中位高 4.3个百分点;固定资产占比 与行业中位持平。"]}}