{"F": {"ts_code": "HK.81810", "name": "小米集团-WR", "mkt": "HK", "ccy": "港元", "sw1": "", "sw2": "", "sw3": "", "ind": "", "fin_source": "futu", "market": "主板", "list_date": "20230619", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 24.16, "pe_ttm": 18.86, "pb": 2.307, "dv_ttm": 0.0, "total_mv": 62234236.107792005, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [22.3], "rev_series": [5085.5], "np_series": [462.3], "roe_series": [18.5], "rev_ttm": 5085.5, "np_ttm": 376.9, "ocf_ttm": 96.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 1.5, "gm_median": 22.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.1, "roe_median": 18.5, "commodity": false, "hard_ratio": 5.1, "fix_assets": 253.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 592.5, "debt_ratio": 47.6, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 30.6, "np_yoy": 84.3, "np_vol": null, "loss_years": 0, "far_share": 73.0, "earn_yield": 5.3, "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": -31.2, "ret_20": 4.0, "ret_60": 6.1, "ret_120": -17.4, "ret_250": -50.2, "mdd_250": null, "vol_250": null, "pos_52w": 44.0, "eps": 1.617}, "S": {"duration": 38, "pricing": 43, "hard": 8, "bondness": 13}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 84%,PE TTM 18.9 倍,历史 PEG(PE ÷ 最新增速)0.22。", "经营现金流 96.0 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 5%,毛利率最新年报 22.3%。", "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 1.5%(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 22.3%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 5%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.9 倍 粗算,约 73%(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 -50%,现价在 52 周高点的 44%;近 20 / 60 / 120 日 4% / 6% / -17%。", "行业对照": ["同富途行业「」33 家中位:PE 14.0 / 股息率 1.2% / 毛利率 39.8% / 固定资产占比 8% / 分红率 38%。", "小米集团-WR:PE 比行业中位高 4.9倍;股息率 比行业中位低 1.2个百分点;毛利率 比行业中位低 17.5个百分点;固定资产占比 比行业中位低 3.3个百分点。"]}}