{"F": {"ts_code": "002517.SZ", "name": "恺英网络", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "游戏Ⅱ", "sw3": "游戏Ⅲ", "ind": "游戏Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20101207", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.41, "pe_ttm": 15.6158, "pb": 3.5458, "dv_ttm": 0.5702, "total_mv": 3719547.7853, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [72.2, 70.8, 75.0, 83.5, 81.3, 80.8], "rev_series": [15.4, 23.8, 37.3, 43.0, 51.2, 53.2], "np_series": [1.8, 5.8, 10.3, 14.6, 16.3, 19.0], "roe_series": [6.2, 18.3, 26.0, 30.1, 27.6, 23.1], "period": "20260630", "rev_ttm": 75.4, "np_ttm": 23.8, "ocf_ttm": 29.9, "fcf_ttm": 28.7, "fcf_yield": 7.7, "ocf_yield": 8.0, "gm_median": 80.8, "gm_std": 4.7, "gm_stab": 0.94, "gm_chg_2022": 2.8, "npm_median": 35.7, "roe_median": 26.0, "commodity": false, "hard_ratio": 0.6, "fix_assets": 0.8, "goodwill_ratio": 6.0, "pb_calc": 3.55, "capex_dep": 14.16, "interest_debt": 1.5, "debt_ebitda": 0.1, "debt_ratio": 25.8, "debt_mv": 0.4, "payout": 26.0, "div_years": 3, "rev_cagr3": 12.6, "np_cagr3": 22.9, "rev_yoy": 86.1, "np_yoy": 50.3, "np_vol": 78.4, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.4, "consensus_n": 24, "fwd_pe": 13.7, "fwd_pe2": 12.2, "fwd_g1": 14.0, "fwd_g2": 13.0, "peg": 1.05, "consensus_disp": null, "mainbz": [["产品", 50.0], ["移动游戏", 43.0], ["用户平台", 6.0], ["网页游戏", 0.0]], "ret_prev_year": 62.3, "ret_prev2_year": 24.5, "ret_ytd": -20.0, "ret_pivot": 93.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.9, "ret_60": 22.8, "ret_120": -9.2, "ret_250": -18.5, "mdd_250": -50.9, "vol_250": 49.3, "pos_52w": 60.2}, "S": {"duration": 32, "pricing": 83, "hard": 1, "bondness": 20}, "label": "定价权·品牌", "tags": ["成长兑现", "轻资产现金牛", "资本开支扩张期"], "text": {"像什么": ["没有硬资产(固定资产占比 1%)但有定价权:毛利率近 5 年中位 80.8%,稳定度 94%、ROE 近 5 年中位 26.0%。", "自由现金流/市值 7.7%,分红率 26%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 80.8%),硬资产占比 1%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 7.7%(经营现金流/市值 8.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 80.8%,稳定度 94%,2020→2022 成本通胀期毛利率变化 2.8 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 1%,资本开支/折旧 14.16 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.6 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -18%,最大回撤 -51%,年化波动 49%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -3% / 23% / -9%。", "行业对照": ["同申万二级「游戏Ⅱ」26 家中位:PE 24.6 / 股息率 1.1% / 毛利率 60.8% / 固定资产占比 4% / 分红率 43%。", "恺英网络:PE 比行业中位低 9.0倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 20.0个百分点;固定资产占比 比行业中位低 3.4个百分点。"]}}