{"F": {"ts_code": "HK.09896", "name": "名创优品", "mkt": "HK", "ccy": "港元", "sw1": "多元化零售商", "sw2": "多元化零售商", "sw3": "", "ind": "多元化零售商", "fin_source": "futu", "market": "主板", "list_date": "20220713", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 18.85, "pe_ttm": 15.527, "pb": 1.898, "dv_ttm": 3.99, "total_mv": 2253730.3711650004, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [45.0], "rev_series": [238.5], "np_series": [13.5], "roe_series": [11.7], "rev_ttm": 238.5, "np_ttm": 14.6, "ocf_ttm": 34.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 15.4, "gm_median": 45.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 5.6, "roe_median": 11.7, "commodity": false, "hard_ratio": 7.6, "fix_assets": 19.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 26.8, "debt_ratio": 62.6, "debt_mv": null, "payout": 62.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 31.9, "np_yoy": -52.0, "np_vol": null, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.4, "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": -47.1, "ret_20": -22.6, "ret_60": -27.5, "ret_120": -42.1, "ret_250": -59.2, "mdd_250": null, "vol_250": null, "pos_52w": 37.6, "eps": 1.116}, "S": {"duration": 32, "pricing": 54, "hard": 12, "bondness": 59}, "label": "轻资产现金牛", "tags": ["现金流红利"], "text": {"像什么": ["固定资产占比 8%,毛利率最新年报 45.0%,经营现金流/市值 15.4%: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 45.0%),硬资产占比 8%。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 15.4%(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 45.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 8%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.5 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -59%,现价在 52 周高点的 38%;近 20 / 60 / 120 日 -23% / -28% / -42%。", "行业对照": ["同富途行业「多元化零售商」12 家中位:PE 14.1 / 股息率 0.0% / 毛利率 53.7% / 固定资产占比 8% / 分红率 31%。", "名创优品:PE 比行业中位高 1.4倍;股息率 比行业中位高 4.0个百分点;毛利率 比行业中位低 8.7个百分点;固定资产占比 比行业中位低 0.1个百分点。"]}}