{"F": {"ts_code": "HK.06067", "name": "星源材质", "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": "20260623", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.24, "pe_ttm": 65.818, "pb": 0.863, "dv_ttm": 0.0, "total_mv": 1082549.516636, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [21.7], "rev_series": [45.3], "np_series": [1.6], "roe_series": [1.1], "rev_ttm": 45.3, "np_ttm": 2.8, "ocf_ttm": 7.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.5, "gm_median": 21.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 3.5, "roe_median": 1.1, "commodity": false, "hard_ratio": 62.5, "fix_assets": 164.7, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 3.7, "debt_ratio": 59.1, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 21.6, "np_yoy": -59.6, "np_vol": null, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.5, "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": -19.4, "ret_20": -0.9, "ret_60": -19.4, "ret_120": -19.4, "ret_250": -19.4, "mdd_250": null, "vol_250": null, "pos_52w": 54.0, "eps": 0.078}, "S": {"duration": 81, "pricing": 43, "hard": 100, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 65.8 倍、股息率 0.0%、毛利率最新年报 21.7%、固定资产占比 62%、资产负债率 59%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 62%),没有定价权:毛利率最新年报 21.7%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 6.5%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 21.7%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 62%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 65.8 倍 粗算,约 92%(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 -19%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -1% / -19% / -19%。", "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%。", "星源材质:PE 比行业中位高 49.9倍;股息率 与行业中位持平;毛利率 比行业中位高 6.4个百分点;固定资产占比 比行业中位高 41.9个百分点。"]}}