{"F": {"ts_code": "US.HMY", "name": "哈莫尼黄金", "mkt": "US", "ccy": "美元", "sw1": "黄金", "sw2": "黄金", "sw3": "", "ind": "黄金", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": true, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 20.27, "pe_ttm": 7.001, "pb": 2.699, "dv_ttm": 2.08, "total_mv": 1266829.2465559999, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [44.9], "rev_series": [60.5], "np_series": [18.0], "roe_series": [47.6], "rev_ttm": 60.5, "np_ttm": 17.9, "ocf_ttm": 20.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 16.2, "gm_median": 44.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 29.7, "roe_median": 47.6, "commodity": true, "hard_ratio": 25.0, "fix_assets": 15.1, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 28.9, "debt_ratio": 40.2, "debt_mv": null, "payout": 15.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 45.0, "np_yoy": 118.6, "np_vol": null, "loss_years": 0, "far_share": 29.0, "earn_yield": 14.3, "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": 3.9, "ret_20": 2.9, "ret_60": 40.6, "ret_120": 35.1, "ret_250": 42.1, "mdd_250": null, "vol_250": null, "pos_52w": 79.3, "eps": 2.895}, "S": {"duration": 16, "pricing": 70, "hard": 40, "bondness": 31}, "label": "中性", "tags": ["商品定价"], "text": {"像什么": ["PE 7.0 倍、股息率 2.1%、毛利率最新年报 44.9%、固定资产占比 25%、资产负债率 40%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 44.9%),硬资产占比 25%。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。 注意:金矿股不等于黄金,有运营杠杆和自身成本通胀,对冲美元信用直接买黄金 ETF 更纯。", "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 16.2%(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 44.9%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 25%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.0 倍 粗算,约 29%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 42%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 3% / 41% / 35%。", "行业对照": ["同富途行业「黄金」53 家中位:PE 14.2 / 股息率 0.0% / 毛利率 50.2% / 固定资产占比 55% / 分红率 6%。", "哈莫尼黄金:PE 比行业中位低 7.2倍;股息率 比行业中位高 2.1个百分点;毛利率 比行业中位低 5.3个百分点;固定资产占比 比行业中位低 30.4个百分点。"]}}