{"F": {"ts_code": "HK.00050", "name": "香港小轮(集团)", "mkt": "HK", "ccy": "港元", "sw1": "地产投资", "sw2": "地产投资", "sw3": "", "ind": "地产投资", "fin_source": "futu", "market": "主板", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.0, "pe_ttm": 6.075, "pb": 0.242, "dv_ttm": 5.0, "total_mv": 178136.9415, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [38.2], "rev_series": [4.3], "np_series": [3.3], "roe_series": [4.7], "rev_ttm": 4.3, "np_ttm": 2.9, "ocf_ttm": 0.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 3.4, "gm_median": 38.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 78.3, "roe_median": 4.7, "commodity": false, "hard_ratio": 0.9, "fix_assets": 0.7, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 3.4, "debt_ratio": 4.5, "debt_mv": null, "payout": 30.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 1.0, "np_yoy": 108.7, "np_vol": null, "loss_years": 0, "far_share": 18.0, "earn_yield": 16.5, "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": 7.5, "ret_20": 2.9, "ret_60": 4.2, "ret_120": 0.8, "ret_250": 5.3, "mdd_250": null, "vol_250": null, "pos_52w": 92.6, "eps": 0.941}, "S": {"duration": 14, "pricing": 51, "hard": 1, "bondness": 54}, "label": "中性", "tags": ["股息率≥4%"], "text": {"像什么": ["PE 6.1 倍、股息率 5.0%、毛利率最新年报 38.2%、固定资产占比 1%、资产负债率 4%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 38.2%),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": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 3.4%(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?", "毛利率最新年报 38.2%。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 6.1 倍 粗算,约 18%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 5%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 3% / 4% / 1%。", "行业对照": ["同富途行业「地产投资」55 家中位:PE 12.4 / 股息率 1.5% / 毛利率 67.5% / 固定资产占比 1% / 分红率 54%。", "香港小轮(集团):PE 比行业中位低 6.3倍;股息率 比行业中位高 3.5个百分点;毛利率 比行业中位低 29.3个百分点;固定资产占比 比行业中位低 0.2个百分点。"]}}