{"F": {"ts_code": "HK.01209", "name": "华润万象生活", "mkt": "HK", "ccy": "港元", "sw1": "物业服务及管理", "sw2": "物业服务及管理", "sw3": "", "ind": "物业服务及管理", "fin_source": "futu", "market": "主板", "list_date": "20201209", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 41.26, "pe_ttm": 19.582, "pb": 5.189, "dv_ttm": 4.71, "total_mv": 9417595.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [35.5], "rev_series": [200.4], "np_series": [45.4], "roe_series": [25.1], "rev_ttm": 200.4, "np_ttm": 47.8, "ocf_ttm": 31.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 3.3, "gm_median": 35.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 22.7, "roe_median": 25.1, "commodity": false, "hard_ratio": 2.1, "fix_assets": 6.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 60.8, "debt_ratio": 46.0, "debt_mv": null, "payout": 92.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 9.8, "np_yoy": 15.4, "np_vol": null, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.1, "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": -1.7, "ret_20": 3.3, "ret_60": -1.9, "ret_120": -8.0, "ret_250": 16.4, "mdd_250": null, "vol_250": null, "pos_52w": 82.2, "eps": 1.925}, "S": {"duration": 39, "pricing": 50, "hard": 3, "bondness": 73}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 92%、股息率 4.7%、最新一年营收增速 9.8%、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 35.5%),硬资产占比 2%。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 3.3%(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 35.5%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 2%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.6 倍 粗算,约 74%(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 16%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 3% / -2% / -8%。", "行业对照": ["同富途行业「物业服务及管理」66 家中位:PE 8.7 / 股息率 0.0% / 毛利率 21.0% / 固定资产占比 2% / 分红率 19%。", "华润万象生活:PE 比行业中位高 10.9倍;股息率 比行业中位高 4.7个百分点;毛利率 比行业中位高 14.5个百分点;固定资产占比 比行业中位高 0.3个百分点。"]}}