{"F": {"ts_code": "HK.00762", "name": "中国联通", "mkt": "HK", "ccy": "港元", "sw1": "电讯服务", "sw2": "电讯服务", "sw3": "", "ind": "电讯服务", "fin_source": "futu", "market": "主板", "list_date": "20000622", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.63, "pe_ttm": 9.462, "pb": 0.4, "dv_ttm": 2.7, "total_mv": 17226744.006235, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [69.6], "rev_series": [4361.9], "np_series": [232.5], "roe_series": [5.8], "rev_ttm": 4361.9, "np_ttm": 182.2, "ocf_ttm": 685.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 39.8, "gm_median": 69.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 5.3, "roe_median": 5.8, "commodity": false, "hard_ratio": 52.0, "fix_assets": 3828.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 1196.2, "debt_ratio": 44.6, "debt_mv": null, "payout": 26.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 5.2, "np_yoy": 5.4, "np_vol": null, "loss_years": 0, "far_share": 47.0, "earn_yield": 10.6, "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": -26.2, "ret_20": -12.0, "ret_60": -25.0, "ret_120": -25.8, "ret_250": -40.2, "mdd_250": null, "vol_250": null, "pos_52w": 56.2, "eps": 0.753}, "S": {"duration": 21, "pricing": 67, "hard": 83, "bondness": 38}, "label": "中性", "tags": [], "text": {"像什么": ["PE 9.5 倍、股息率 2.7%、毛利率最新年报 69.6%、固定资产占比 52%、资产负债率 45%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 52%、毛利率 69.6% 看起来两条都占,但价格受管制(电讯服务:电价/通行费/港口费由主管部门或市场化机制定),高毛利来自成本结构不是提价能力。通胀来了它不能提价,利润跟不上通胀,所以不算。", "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 39.8%(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 69.6%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 52%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 9.5 倍 粗算,约 47%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -40%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -12% / -25% / -26%。", "行业对照": ["同富途行业「电讯服务」10 家中位:PE 11.4 / 股息率 6.6% / 毛利率 47.6% / 固定资产占比 26% / 分红率 77%。", "中国联通:PE 比行业中位低 1.9倍;股息率 比行业中位低 3.9个百分点;毛利率 比行业中位高 22.0个百分点;固定资产占比 比行业中位高 26.4个百分点。"]}}