{"F": {"ts_code": "HK.00034", "name": "九龙建业", "mkt": "HK", "ccy": "港元", "sw1": "地产发展商", "sw2": "地产发展商", "sw3": "", "ind": "地产发展商", "fin_source": "futu", "market": "主板", "list_date": "19950704", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.5, "pe_ttm": 42.857, "pb": 0.334, "dv_ttm": 5.33, "total_mv": 587792.7261, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [54.0], "rev_series": [49.5], "np_series": [1.2], "roe_series": [0.7], "rev_ttm": 49.5, "np_ttm": 1.4, "ocf_ttm": 6.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 10.6, "gm_median": 54.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.5, "roe_median": 0.7, "commodity": false, "hard_ratio": 0.5, "fix_assets": 2.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 2.0, "debt_ratio": 57.7, "debt_mv": null, "payout": 228.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -8.1, "np_yoy": 8.1, "np_vol": null, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.3, "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": 8.4, "ret_20": -6.1, "ret_60": -9.5, "ret_120": -5.9, "ret_250": 42.4, "mdd_250": null, "vol_250": null, "pos_52w": 84.7, "eps": 0.1}, "S": {"duration": 66, "pricing": 59, "hard": 1, "bondness": 78}, "label": "轻资产现金牛", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["固定资产占比 0%,毛利率最新年报 54.0%,经营现金流/市值 10.6%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 54.0%),硬资产占比 0%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 10.6%(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 54.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 0%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 42.9 倍 粗算,约 88%(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 42%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 -6% / -10% / -6%。", "行业对照": ["同富途行业「地产发展商」133 家中位:PE 9.8 / 股息率 0.0% / 毛利率 9.2% / 固定资产占比 1% / 分红率 30%。", "九龙建业:PE 比行业中位高 33.1倍;股息率 比行业中位高 5.3个百分点;毛利率 比行业中位高 44.8个百分点;固定资产占比 比行业中位低 0.6个百分点。"]}}