{"F": {"ts_code": "HK.03816", "name": "KFM金德", "mkt": "HK", "ccy": "港元", "sw1": "工业零件及器材", "sw2": "工业零件及器材", "sw3": "", "ind": "工业零件及器材", "fin_source": "futu", "market": "主板", "list_date": "20121015", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.28, "pe_ttm": 24.117, "pb": 3.2, "dv_ttm": 1.22, "total_mv": 196800.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [21.3], "rev_series": [10.4], "np_series": [0.8], "roe_series": [14.0], "rev_ttm": 10.4, "np_ttm": 0.8, "ocf_ttm": 0.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 1.8, "gm_median": 21.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 8.0, "roe_median": 14.0, "commodity": false, "hard_ratio": 26.9, "fix_assets": 2.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 1.0, "debt_ratio": 33.6, "debt_mv": null, "payout": 29.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 37.4, "np_yoy": 120.1, "np_vol": null, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.1, "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": 645.5, "ret_20": 45.1, "ret_60": 61.6, "ret_120": 18.4, "ret_250": 958.1, "mdd_250": null, "vol_250": null, "pos_52w": 87.5, "eps": 0.136}, "S": {"duration": 45, "pricing": 43, "hard": 43, "bondness": 30}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 120%,PE TTM 24.1 倍,历史 PEG(PE ÷ 最新增速)0.20。", "经营现金流 0.4 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 27%,毛利率最新年报 21.3%。", "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 1.8%(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 21.3%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 27%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.1 倍 粗算,约 79%(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 958%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 45% / 62% / 18%。", "行业对照": ["同富途行业「工业零件及器材」73 家中位:PE 15.3 / 股息率 0.0% / 毛利率 24.2% / 固定资产占比 16% / 分红率 25%。", "KFM金德:PE 比行业中位高 8.8倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位低 2.9个百分点;固定资产占比 比行业中位高 10.5个百分点。"]}}