{"F": {"ts_code": "HK.00224", "name": "建生国际", "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": 0.575, "pe_ttm": 12.777, "pb": 0.089, "dv_ttm": 0.0, "total_mv": 66357.22272, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [77.6], "rev_series": [2.2], "np_series": [0.6], "roe_series": [0.7], "rev_ttm": 2.2, "np_ttm": 0.5, "ocf_ttm": 1.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 19.2, "gm_median": 77.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 26.7, "roe_median": 0.7, "commodity": false, "hard_ratio": 0.0, "fix_assets": 0.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 1.6, "debt_ratio": 21.8, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -7.1, "np_yoy": 136.4, "np_vol": null, "loss_years": 0, "far_share": 61.0, "earn_yield": 7.8, "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": 6.5, "ret_20": 2.7, "ret_60": 10.6, "ret_120": 2.7, "ret_250": -11.5, "mdd_250": null, "vol_250": null, "pos_52w": 89.1, "eps": 0.045}, "S": {"duration": 27, "pricing": 71, "hard": 0, "bondness": 13}, "label": "成长兑现", "tags": ["轻资产现金牛"], "text": {"像什么": ["盈利在追估值:最新净利润同比 136%,PE TTM 12.8 倍,历史 PEG(PE ÷ 最新增速)0.09。", "经营现金流 1.3 亿(正),没有一致预期数据,风险在增速能否延续。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 77.6%),硬资产占比 0%。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": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 19.2%(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 77.6%。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 12.8 倍 粗算,约 61%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -12%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 3% / 11% / 3%。", "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%。", "建生国际:PE 比行业中位高 0.4倍;股息率 比行业中位低 1.5个百分点;毛利率 比行业中位高 10.1个百分点;固定资产占比 比行业中位低 1.1个百分点。"]}}