{"F": {"ts_code": "HK.00071", "name": "美丽华酒店", "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": 10.14, "pe_ttm": 10.201, "pb": 0.327, "dv_ttm": 5.23, "total_mv": 700633.13073, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [33.7], "rev_series": [25.8], "np_series": [7.0], "roe_series": [3.2], "rev_ttm": 25.8, "np_ttm": 6.9, "ocf_ttm": -0.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -0.3, "gm_median": 33.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 27.1, "roe_median": 3.2, "commodity": false, "hard_ratio": 1.1, "fix_assets": 2.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 8.9, "debt_ratio": 5.5, "debt_mv": null, "payout": 53.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -9.7, "np_yoy": -12.7, "np_vol": null, "loss_years": 0, "far_share": 51.0, "earn_yield": 9.8, "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": 2.9, "ret_20": -0.1, "ret_60": -1.1, "ret_120": -6.3, "ret_250": 7.3, "mdd_250": null, "vol_250": null, "pos_52w": 92.4, "eps": 0.98}, "S": {"duration": 23, "pricing": 49, "hard": 2, "bondness": 62}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 53%、股息率 5.2%、最新一年营收增速 -9.7%、资产负债率 6%: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 33.7%),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": "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 -0.3%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 33.7%。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 10.2 倍 粗算,约 51%(1 − 5/PE)。中等。"]], "价格行为": "近一年 7%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 -0% / -1% / -6%。", "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%。", "美丽华酒店:PE 比行业中位低 2.2倍;股息率 比行业中位高 3.7个百分点;毛利率 比行业中位低 33.8个百分点;固定资产占比 与行业中位持平。"]}}