{"F": {"ts_code": "HK.00777", "name": "网龙", "mkt": "HK", "ccy": "港元", "sw1": "游戏软件", "sw2": "游戏软件", "sw3": "", "ind": "游戏软件", "fin_source": "futu", "market": "主板", "list_date": "20080624", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.45, "pe_ttm": 24.563, "pb": 0.732, "dv_ttm": 11.87, "total_mv": 444554.710405, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [70.3], "rev_series": [49.8], "np_series": [0.4], "roe_series": [2.7], "rev_ttm": 49.8, "np_ttm": 1.8, "ocf_ttm": 3.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.8, "gm_median": 70.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 0.8, "roe_median": 2.7, "commodity": false, "hard_ratio": 22.4, "fix_assets": 25.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 4.1, "debt_ratio": 45.8, "debt_mv": null, "payout": 292.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -22.6, "np_yoy": -67.0, "np_vol": null, "loss_years": 0, "far_share": 80.0, "earn_yield": 4.1, "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": -15.1, "ret_20": 10.1, "ret_60": 10.3, "ret_120": 1.7, "ret_250": -21.0, "mdd_250": null, "vol_250": null, "pos_52w": 51.8, "eps": 0.318}, "S": {"duration": 46, "pricing": 67, "hard": 36, "bondness": 78}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 292%、股息率 11.9%、最新一年营收增速 -22.6%、资产负债率 46%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 70.3%),硬资产占比 22%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 6.8%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 70.3%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 22%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.6 倍 粗算,约 80%(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 -21%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 10% / 10% / 2%。", "行业对照": ["同富途行业「游戏软件」25 家中位:PE 11.2 / 股息率 0.0% / 毛利率 54.6% / 固定资产占比 2% / 分红率 0%。", "网龙:PE 比行业中位高 13.4倍;股息率 比行业中位高 11.9个百分点;毛利率 比行业中位高 15.7个百分点;固定资产占比 比行业中位高 20.9个百分点。"]}}