{"F": {"ts_code": "HK.01235", "name": "专业旅运", "mkt": "HK", "ccy": "港元", "sw1": "旅游及观光", "sw2": "旅游及观光", "sw3": "", "ind": "旅游及观光", "fin_source": "futu", "market": "主板", "list_date": "20110929", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.199, "pe_ttm": 16.583, "pb": 1.507, "dv_ttm": 4.02, "total_mv": 10146.1941, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [27.6], "rev_series": [3.6], "np_series": [0.1], "roe_series": [9.1], "rev_ttm": 3.6, "np_ttm": 0.1, "ocf_ttm": 0.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 16.9, "gm_median": 27.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 1.7, "roe_median": 9.1, "commodity": false, "hard_ratio": 7.3, "fix_assets": 0.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.1, "debt_ratio": 59.4, "debt_mv": null, "payout": 67.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 40.6, "np_yoy": 79.1, "np_vol": null, "loss_years": 0, "far_share": 70.0, "earn_yield": 6.0, "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": 10.6, "ret_20": -0.5, "ret_60": 1.5, "ret_120": 15.7, "ret_250": 19.2, "mdd_250": null, "vol_250": null, "pos_52w": 94.8, "eps": 0.012}, "S": {"duration": 34, "pricing": 46, "hard": 12, "bondness": 61}, "label": "成长兑现", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["盈利在追估值:最新净利润同比 79%,PE TTM 16.6 倍,历史 PEG(PE ÷ 最新增速)0.21。", "经营现金流 0.2 亿(正),没有一致预期数据,风险在增速能否延续。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 7%,毛利率最新年报 27.6%。", "加息期怎么走": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 16.9%(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 27.6%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 7%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.6 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 19%,现价在 52 周高点的 95%;近 20 / 60 / 120 日 -0% / 2% / 16%。", "行业对照": ["同富途行业「旅游及观光」12 家中位:PE 7.9 / 股息率 0.4% / 毛利率 26.6% / 固定资产占比 12% / 分红率 24%。", "专业旅运:PE 比行业中位高 8.7倍;股息率 比行业中位高 3.6个百分点;毛利率 比行业中位高 1.0个百分点;固定资产占比 比行业中位低 4.8个百分点。"]}}