{"F": {"ts_code": "HK.00069", "name": "香格里拉(亚洲)", "mkt": "HK", "ccy": "港元", "sw1": "酒店及度假村", "sw2": "酒店及度假村", "sw3": "", "ind": "酒店及度假村", "fin_source": "futu", "market": "主板", "list_date": "19930617", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.145, "pe_ttm": 13.242, "pb": 0.354, "dv_ttm": 3.62, "total_mv": 1488517.646662, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [55.7], "rev_series": [173.8], "np_series": [10.5], "roe_series": [2.1], "rev_ttm": 173.8, "np_ttm": 11.2, "ocf_ttm": 14.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.5, "gm_median": 55.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.0, "roe_median": 2.1, "commodity": false, "hard_ratio": 27.1, "fix_assets": 293.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 42.3, "debt_ratio": 61.2, "debt_mv": null, "payout": 48.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 2.4, "np_yoy": -26.3, "np_vol": null, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.6, "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": -10.9, "ret_20": 1.1, "ret_60": -0.4, "ret_120": -11.8, "ret_250": -12.4, "mdd_250": null, "vol_250": null, "pos_52w": 78.4, "eps": 0.243}, "S": {"duration": 28, "pricing": 60, "hard": 43, "bondness": 52}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 48%、股息率 3.6%、最新一年营收增速 2.4%、资产负债率 61%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 55.7%),硬资产占比 27%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 9.5%(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 55.7%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 27%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.2 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -12%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 1% / -0% / -12%。", "行业对照": ["同富途行业「酒店及度假村」23 家中位:PE 13.2 / 股息率 0.0% / 毛利率 42.8% / 固定资产占比 28% / 分红率 33%。", "香格里拉(亚洲):PE 与行业中位持平;股息率 比行业中位高 3.6个百分点;毛利率 比行业中位高 12.9个百分点;固定资产占比 比行业中位低 1.4个百分点。"]}}