{"F": {"ts_code": "HK.00368", "name": "德合集团", "mkt": "HK", "ccy": "港元", "sw1": "楼宇建造", "sw2": "楼宇建造", "sw3": "", "ind": "楼宇建造", "fin_source": "futu", "market": "主板", "list_date": "20200717", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.15, "pe_ttm": 118.571, "pb": 13.879, "dv_ttm": 0.0, "total_mv": 332000.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [13.1], "rev_series": [9.0], "np_series": [0.2], "roe_series": [9.9], "rev_ttm": 9.0, "np_ttm": 0.3, "ocf_ttm": 0.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 0.2, "gm_median": 13.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.5, "roe_median": 9.9, "commodity": false, "hard_ratio": 0.3, "fix_assets": 0.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.6, "debt_ratio": 77.3, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -0.2, "np_yoy": 17.9, "np_vol": null, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.8, "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": 865.1, "ret_20": -18.3, "ret_60": 107.5, "ret_120": 698.1, "ret_250": 1217.5, "mdd_250": null, "vol_250": null, "pos_52w": 60.9, "eps": 0.028}, "S": {"duration": 95, "pricing": 39, "hard": 0, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 118.6 倍、股息率 0.0%、毛利率最新年报 13.1%、固定资产占比 0%、资产负债率 77%: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 13.1%。", "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 0.2%(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 13.1%。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 118.6 倍 粗算,约 96%(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 1218%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -18% / 108% / 698%。", "行业对照": ["同富途行业「楼宇建造」100 家中位:PE 13.2 / 股息率 0.0% / 毛利率 8.1% / 固定资产占比 5% / 分红率 0%。", "德合集团:PE 比行业中位高 105.4倍;股息率 与行业中位持平;毛利率 比行业中位高 5.0个百分点;固定资产占比 比行业中位低 4.3个百分点。"]}}