{"F": {"ts_code": "HK.00992", "name": "联想集团", "mkt": "HK", "ccy": "港元", "sw1": "电脑及周边器材", "sw2": "电脑及周边器材", "sw3": "", "ind": "电脑及周边器材", "fin_source": "futu", "market": "主板", "list_date": "19940214", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 32.4, "pe_ttm": 64.285, "pb": 7.111, "dv_ttm": 1.3, "total_mv": 40223844.87912, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [15.4], "rev_series": [6513.1], "np_series": [169.3], "roe_series": [28.0], "rev_ttm": 6513.1, "np_ttm": 62.5, "ocf_ttm": 249.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.2, "gm_median": 15.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.6, "roe_median": 28.0, "commodity": false, "hard_ratio": 4.3, "fix_assets": 169.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 263.3, "debt_ratio": 85.2, "debt_mv": null, "payout": 84.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 21.2, "np_yoy": 48.9, "np_vol": null, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.6, "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": 263.1, "ret_20": 15.3, "ret_60": 43.0, "ret_120": 247.9, "ret_250": 197.6, "mdd_250": null, "vol_250": null, "pos_52w": 89.6, "eps": 1.207}, "S": {"duration": 80, "pricing": 40, "hard": 7, "bondness": 50}, "label": "纯久期", "tags": [], "text": {"像什么": ["PE TTM 64.3 倍,估值里约 92% 来自 5 年后的假设;固定资产占比 4%,几乎没有重置成本可言。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 4%,毛利率最新年报 15.4%。", "加息期怎么走": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 6.2%(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 15.4%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 4%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 64.3 倍 粗算,约 92%(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 198%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 15% / 43% / 248%。", "行业对照": ["同富途行业「电脑及周边器材」21 家中位:PE 14.8 / 股息率 0.0% / 毛利率 15.4% / 固定资产占比 10% / 分红率 0%。", "联想集团:PE 比行业中位高 49.5倍;股息率 比行业中位高 1.3个百分点;毛利率 与行业中位持平;固定资产占比 比行业中位低 5.8个百分点。"]}}