{"F": {"ts_code": "HK.00265", "name": "港誉智慧城市服务", "mkt": "HK", "ccy": "港元", "sw1": "物业服务及管理", "sw2": "物业服务及管理", "sw3": "", "ind": "物业服务及管理", "fin_source": "futu", "market": "主板", "list_date": "19721212", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.32, "pe_ttm": 33.0, "pb": 1.038, "dv_ttm": 0.0, "total_mv": 34114.27932, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [27.9], "rev_series": [3.4], "np_series": [0.2], "roe_series": [6.6], "rev_ttm": 3.4, "np_ttm": 0.1, "ocf_ttm": 0.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 7.9, "gm_median": 27.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.3, "roe_median": 6.6, "commodity": false, "hard_ratio": 16.3, "fix_assets": 1.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.3, "debt_ratio": 28.3, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -2.0, "np_yoy": -55.9, "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": -28.6, "ret_20": -5.7, "ret_60": -14.3, "ret_120": -21.4, "ret_250": 37.5, "mdd_250": null, "vol_250": null, "pos_52w": 46.8, "eps": 0.088}, "S": {"duration": 56, "pricing": 46, "hard": 26, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 33.0 倍、股息率 0.0%、毛利率最新年报 27.9%、固定资产占比 16%、资产负债率 28%: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 16%,毛利率最新年报 27.9%。", "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 7.9%(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 27.9%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 16%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 33.0 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 38%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 -6% / -14% / -21%。", "行业对照": ["同富途行业「物业服务及管理」66 家中位:PE 8.7 / 股息率 0.0% / 毛利率 21.0% / 固定资产占比 2% / 分红率 19%。", "港誉智慧城市服务:PE 比行业中位高 24.3倍;股息率 与行业中位持平;毛利率 比行业中位高 6.9个百分点;固定资产占比 比行业中位高 14.5个百分点。"]}}