{"F": {"ts_code": "HK.00186", "name": "敏捷控股", "mkt": "HK", "ccy": "港元", "sw1": "地产发展商", "sw2": "地产发展商", "sw3": "", "ind": "地产发展商", "fin_source": "futu", "market": "主板", "list_date": "19870709", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.37, "pe_ttm": 33.636, "pb": 5.285, "dv_ttm": 0.0, "total_mv": 203212.616893, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [15.5], "rev_series": [12.4], "np_series": [0.4], "roe_series": [17.6], "rev_ttm": 12.4, "np_ttm": 0.6, "ocf_ttm": -3.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -16.4, "gm_median": 15.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 3.5, "roe_median": 17.6, "commodity": false, "hard_ratio": 0.1, "fix_assets": 0.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.7, "debt_ratio": 75.3, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -14.3, "np_yoy": 338.9, "np_vol": null, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.0, "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": 134.2, "ret_20": -25.3, "ret_60": 143.4, "ret_120": 134.2, "ret_250": 90.7, "mdd_250": null, "vol_250": null, "pos_52w": 74.0, "eps": 0.011}, "S": {"duration": 57, "pricing": 40, "hard": 0, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 33.6 倍、股息率 0.0%、毛利率最新年报 15.5%、固定资产占比 0%、资产负债率 75%:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 0%,毛利率最新年报 15.5%。", "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 -16.4%(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 15.5%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 0%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 33.6 倍 粗算,约 85%(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 91%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 -25% / 143% / 134%。", "行业对照": ["同富途行业「地产发展商」133 家中位:PE 9.8 / 股息率 0.0% / 毛利率 9.2% / 固定资产占比 1% / 分红率 30%。", "敏捷控股:PE 比行业中位高 23.8倍;股息率 与行业中位持平;毛利率 比行业中位高 6.3个百分点;固定资产占比 比行业中位低 1.0个百分点。"]}}