{"F": {"ts_code": "HK.00105", "name": "凯联国际酒店", "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": "19851024", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.2, "pe_ttm": -3.945, "pb": 0.285, "dv_ttm": 6.35, "total_mv": 187200.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [67.7], "rev_series": [2.9], "np_series": [-4.7], "roe_series": [-6.9], "rev_ttm": 2.9, "np_ttm": -4.7, "ocf_ttm": 1.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 7.1, "gm_median": 67.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -163.5, "roe_median": -6.9, "commodity": false, "hard_ratio": 91.1, "fix_assets": 66.7, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -4.4, "debt_ratio": 6.7, "debt_mv": null, "payout": null, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -2.9, "np_yoy": 15.4, "np_vol": null, "loss_years": 1, "far_share": 100, "earn_yield": null, "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": 1.0, "ret_20": -1.0, "ret_60": -1.5, "ret_120": -1.5, "ret_250": 2.2, "mdd_250": null, "vol_250": null, "pos_52w": 92.2, "eps": -1.318}, "S": {"duration": 100, "pricing": 66, "hard": 100, "bondness": 43}, "label": "亏损或困境", "tags": ["股息率≥4%"], "text": {"像什么": ["TTM 归母净利 -4.7 亿;PE 为负,估值指标失真。", "资产负债率 7%,有息负债 —,经营现金流/市值 7.1%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "硬资产占比 91%、毛利率 67.7% 两条都占,但所在行业(地产投资)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 7.1%(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 67.7%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 91%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 2%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 -1% / -2% / -2%。", "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%。", "凯联国际酒店:PE 比行业中位低 16.3倍;股息率 比行业中位高 4.8个百分点;毛利率 比行业中位高 0.2个百分点;固定资产占比 比行业中位高 90.0个百分点。"]}}