{"F": {"ts_code": "002555.SZ", "name": "三七互娱", "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": "20110302", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.67, "pe_ttm": 12.6452, "pb": 2.9314, "dv_ttm": 4.8998, "total_mv": 4130247.7859, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [87.8, 84.8, 81.4, 79.5, 78.6, 75.9], "rev_series": [144.0, 162.2, 164.1, 165.5, 174.4, 159.7], "np_series": [27.6, 28.8, 29.5, 26.6, 26.7, 29.0], "roe_series": [42.3, 34.2, 25.7, 21.4, 20.9, 21.9], "period": "20260630", "rev_ttm": 147.5, "np_ttm": 32.7, "ocf_ttm": 28.7, "fcf_ttm": 26.5, "fcf_yield": 6.4, "ocf_yield": 7.0, "gm_median": 79.5, "gm_std": 3.0, "gm_stab": 0.96, "gm_chg_2022": -6.4, "npm_median": 17.6, "roe_median": 21.9, "commodity": false, "hard_ratio": 4.0, "fix_assets": 9.2, "goodwill_ratio": 6.9, "pb_calc": 2.93, "capex_dep": 3.7, "interest_debt": 36.9, "debt_ebitda": 1.2, "debt_ratio": 38.1, "debt_mv": 8.9, "payout": 78.0, "div_years": 5, "rev_cagr3": -0.9, "np_cagr3": -0.6, "rev_yoy": -14.3, "np_yoy": 26.1, "np_vol": 6.2, "loss_years": 0, "far_share": 60.0, "earn_yield": 7.9, "consensus_n": 22, "fwd_pe": 13.5, "fwd_pe2": 12.2, "fwd_g1": -6.0, "fwd_g2": 10.0, "peg": 1.35, "consensus_disp": null, "mainbz": [["产品", 50.0], ["移动游戏", 49.0], ["网页游戏", 1.0], ["其他业务", 0.0]], "ret_prev_year": 64.3, "ret_prev2_year": -13.5, "ret_ytd": -18.4, "ret_pivot": 65.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.2, "ret_60": 6.6, "ret_120": -18.2, "ret_250": 12.7, "mdd_250": -41.0, "vol_250": 44.0, "pos_52w": 63.9}, "S": {"duration": 27, "pricing": 77, "hard": 6, "bondness": 80}, "label": "定价权·品牌", "tags": ["轻资产现金牛", "现金流红利", "资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["没有硬资产(固定资产占比 4%)但有定价权:毛利率近 5 年中位 79.5%,稳定度 96%、ROE 近 5 年中位 21.9%。", "自由现金流/市值 6.4%,分红率 78%,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 79.5%),硬资产占比 4%。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 6.4%(经营现金流/市值 7.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 79.5%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -6.4 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 4%,资本开支/折旧 3.70 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.6 倍 粗算,约 60%(1 − 5/PE)。中等。"]], "价格行为": "近一年 13%,最大回撤 -41%,年化波动 44%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -5% / 7% / -18%。", "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%。", "三七互娱:PE 比行业中位低 12.0倍;股息率 比行业中位高 3.8个百分点;毛利率 比行业中位高 18.7个百分点;固定资产占比 与行业中位持平。"]}}