{"F": {"ts_code": "HK.00046", "name": "科联系统", "mkt": "HK", "ccy": "港元", "sw1": "互联网服务及基础设施", "sw2": "互联网服务及基础设施", "sw3": "", "ind": "互联网服务及基础设施", "fin_source": "futu", "market": "主板", "list_date": "19980518", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 1.26, "pe_ttm": 14.318, "pb": 0.612, "dv_ttm": 8.33, "total_mv": 30786.132383999997, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [58.1], "rev_series": [2.4], "np_series": [0.2], "roe_series": [3.7], "rev_ttm": 2.4, "np_ttm": 0.2, "ocf_ttm": 0.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 10.0, "gm_median": 58.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 7.6, "roe_median": 3.7, "commodity": false, "hard_ratio": 0.9, "fix_assets": 0.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.0, "debt_ratio": 24.6, "debt_mv": null, "payout": 119.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -7.6, "np_yoy": -36.6, "np_vol": null, "loss_years": 0, "far_share": 65.0, "earn_yield": 7.0, "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": -16.3, "ret_20": 5.0, "ret_60": 9.6, "ret_120": -1.2, "ret_250": -22.9, "mdd_250": null, "vol_250": null, "pos_52w": 74.8, "eps": 0.075}, "S": {"duration": 30, "pricing": 61, "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 1%,毛利率最新年报 58.1%,经营现金流/市值 10.0%: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 58.1%),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": "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 10.0%(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 58.1%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 1%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.3 倍 粗算,约 65%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -23%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 5% / 10% / -1%。", "行业对照": ["同富途行业「互联网服务及基础设施」14 家中位:PE 13.1 / 股息率 0.0% / 毛利率 22.6% / 固定资产占比 21% / 分红率 0%。", "科联系统:PE 比行业中位高 1.2倍;股息率 比行业中位高 8.3个百分点;毛利率 比行业中位高 35.5个百分点;固定资产占比 比行业中位低 20.5个百分点。"]}}