{"F": {"ts_code": "HK.01036", "name": "万科海外", "mkt": "HK", "ccy": "港元", "sw1": "地产投资", "sw2": "地产投资", "sw3": "", "ind": "地产投资", "fin_source": "futu", "market": "主板", "list_date": "19961108", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.79, "pe_ttm": 17.047, "pb": 0.171, "dv_ttm": 11.17, "total_mv": 69725.499828, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [29.0], "rev_series": [6.0], "np_series": [-0.9], "roe_series": [-2.2], "rev_ttm": 6.0, "np_ttm": 0.4, "ocf_ttm": 1.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 20.1, "gm_median": 29.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -15.5, "roe_median": -2.2, "commodity": false, "hard_ratio": 21.5, "fix_assets": 9.4, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -0.7, "debt_ratio": 4.8, "debt_mv": null, "payout": 190.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -23.1, "np_yoy": -82.8, "np_vol": null, "loss_years": 0, "far_share": 71.0, "earn_yield": 5.9, "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": 11.9, "ret_20": 8.5, "ret_60": 15.5, "ret_120": 12.6, "ret_250": 20.9, "mdd_250": null, "vol_250": null, "pos_52w": 90.9, "eps": -0.237}, "S": {"duration": 35, "pricing": 46, "hard": 34, "bondness": 78}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 190%、股息率 11.2%、最新一年营收增速 -23.1%、资产负债率 5%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 22%,毛利率最新年报 29.0%。", "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 20.1%(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 29.0%。取决于竞争。"], ["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 17.0 倍 粗算,约 71%(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 91%;近 20 / 60 / 120 日 8% / 16% / 13%。", "行业对照": ["同富途行业「地产投资」55 家中位:PE 12.4 / 股息率 1.5% / 毛利率 67.5% / 固定资产占比 1% / 分红率 54%。", "万科海外:PE 比行业中位高 4.6倍;股息率 比行业中位高 9.7个百分点;毛利率 比行业中位低 38.5个百分点;固定资产占比 比行业中位高 20.4个百分点。"]}}