{"F": {"ts_code": "HK.00983", "name": "瑞安建业", "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": "19970203", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.45, "pe_ttm": 8.035, "pb": 0.079, "dv_ttm": 0.0, "total_mv": 16800.577380000002, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [98.4], "rev_series": [70.1], "np_series": [-0.4], "roe_series": [-4.6], "rev_ttm": 70.1, "np_ttm": 0.2, "ocf_ttm": 1.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 71.4, "gm_median": 98.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -0.6, "roe_median": -4.6, "commodity": false, "hard_ratio": 0.2, "fix_assets": 0.2, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 1.3, "debt_ratio": 74.5, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -22.5, "np_yoy": 86.6, "np_vol": null, "loss_years": 0, "far_share": 38.0, "earn_yield": 12.4, "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": 36.4, "ret_20": 28.6, "ret_60": 40.6, "ret_120": 28.6, "ret_250": 9.8, "mdd_250": null, "vol_250": null, "pos_52w": 95.7, "eps": -0.246}, "S": {"duration": 18, "pricing": 81, "hard": 0, "bondness": 13}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 0%,毛利率最新年报 98.4%,经营现金流/市值 71.4%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 98.4%),硬资产占比 0%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 71.4%(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 98.4%。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 8.0 倍 粗算,约 38%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 10%,现价在 52 周高点的 96%;近 20 / 60 / 120 日 29% / 41% / 29%。", "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%。", "瑞安建业:PE 比行业中位低 5.2倍;股息率 与行业中位持平;毛利率 比行业中位高 90.3个百分点;固定资产占比 比行业中位低 4.4个百分点。"]}}