{"F": {"ts_code": "HK.00711", "name": "亚洲联合基建控股", "mkt": "HK", "ccy": "港元", "sw1": "重型基建", "sw2": "重型基建", "sw3": "", "ind": "重型基建", "fin_source": "futu", "market": "主板", "list_date": "19930212", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.43, "pe_ttm": 6.056, "pb": 0.336, "dv_ttm": 4.88, "total_mv": 79245.203272, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [7.6], "rev_series": [99.2], "np_series": [1.6], "roe_series": [5.7], "rev_ttm": 99.2, "np_ttm": 1.3, "ocf_ttm": 11.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 148.6, "gm_median": 7.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 1.6, "roe_median": 5.7, "commodity": false, "hard_ratio": 2.2, "fix_assets": 1.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 4.0, "debt_ratio": 70.2, "debt_mv": null, "payout": 30.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 9.5, "np_yoy": 162.0, "np_vol": null, "loss_years": 0, "far_share": 17.0, "earn_yield": 16.5, "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": 1.8, "ret_20": -3.9, "ret_60": 3.0, "ret_120": 3.0, "ret_250": 1.4, "mdd_250": null, "vol_250": null, "pos_52w": 91.7, "eps": 0.071}, "S": {"duration": 14, "pricing": 36, "hard": 4, "bondness": 53}, "label": "中性", "tags": ["股息率≥4%"], "text": {"像什么": ["PE 6.1 倍、股息率 4.9%、毛利率最新年报 7.6%、固定资产占比 2%、资产负债率 70%: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 2%,毛利率最新年报 7.6%。", "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 148.6%(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 7.6%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 2%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.1 倍 粗算,约 17%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 1%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 -4% / 3% / 3%。", "行业对照": ["同富途行业「重型基建」40 家中位:PE 9.7 / 股息率 0.0% / 毛利率 9.4% / 固定资产占比 6% / 分红率 18%。", "亚洲联合基建控股:PE 比行业中位低 3.6倍;股息率 比行业中位高 4.9个百分点;毛利率 比行业中位低 1.8个百分点;固定资产占比 比行业中位低 4.1个百分点。"]}}