{"F": {"ts_code": "HK.00027", "name": "银河娱乐", "mkt": "HK", "ccy": "港元", "sw1": "赌场及博彩", "sw2": "赌场及博彩", "sw3": "", "ind": "赌场及博彩", "fin_source": "futu", "market": "主板", "list_date": "19911007", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 33.9, "pe_ttm": 13.859, "pb": 1.754, "dv_ttm": 5.01, "total_mv": 14845626.013679998, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [null], "rev_series": [492.4], "np_series": [107.2], "roe_series": [13.4], "rev_ttm": 492.4, "np_ttm": 107.1, "ocf_ttm": 78.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 5.3, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 21.8, "roe_median": 13.4, "commodity": false, "hard_ratio": 51.7, "fix_assets": 502.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 148.8, "debt_ratio": 16.2, "debt_mv": null, "payout": 69.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 13.4, "np_yoy": 21.6, "np_vol": null, "loss_years": 0, "far_share": 64.0, "earn_yield": 7.2, "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": -7.4, "ret_20": 6.0, "ret_60": 11.9, "ret_120": -4.8, "ret_250": -11.9, "mdd_250": null, "vol_250": null, "pos_52w": 79.7, "eps": 2.437}, "S": {"duration": 29, "pricing": 32, "hard": 83, "bondness": 67}, "label": "成长兑现", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["盈利在追估值:最新净利润同比 22%,PE TTM 13.9 倍,历史 PEG(PE ÷ 最新增速)0.64。", "经营现金流 78.0 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": "只占硬资产一条(占比 52%),没有定价权:毛利率最新年报 —。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 5.3%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率未披露(公用事业 / 地产 / 综合企业常见)。无法从毛利率判断。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 52%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.9 倍 粗算,约 64%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -12%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 6% / 12% / -5%。", "行业对照": ["同富途行业「赌场及博彩」16 家中位:PE 9.4 / 股息率 3.7% / 毛利率 46.6% / 固定资产占比 51% / 分红率 45%。", "银河娱乐:PE 比行业中位高 4.5倍;股息率 比行业中位高 1.3个百分点;毛利率 ;固定资产占比 比行业中位高 0.5个百分点。"]}}