{"F": {"ts_code": "HK.01460", "name": "扬科集团", "mkt": "HK", "ccy": "港元", "sw1": "互联网服务及基础设施", "sw2": "互联网服务及基础设施", "sw3": "", "ind": "互联网服务及基础设施", "fin_source": "futu", "market": "主板", "list_date": "20150318", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 0.265, "pe_ttm": 8.03, "pb": 0.386, "dv_ttm": 0.0, "total_mv": 23256.143268, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [22.6], "rev_series": [11.9], "np_series": [0.4], "roe_series": [4.9], "rev_ttm": 11.9, "np_ttm": 0.3, "ocf_ttm": -0.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -19.0, "gm_median": 22.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 3.5, "roe_median": 4.9, "commodity": false, "hard_ratio": 3.6, "fix_assets": 0.4, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.8, "debt_ratio": 43.8, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 4.7, "np_yoy": 4.5, "np_vol": null, "loss_years": 0, "far_share": 38.0, "earn_yield": 12.5, "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": -8.6, "ret_20": 11.8, "ret_60": 6.0, "ret_120": 28.0, "ret_250": -21.9, "mdd_250": null, "vol_250": null, "pos_52w": 68.8, "eps": 0.033}, "S": {"duration": 18, "pricing": 43, "hard": 6, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 8.0 倍、股息率 0.0%、毛利率最新年报 22.6%、固定资产占比 4%、资产负债率 44%:四轴都不突出。"], "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 22.6%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 -19.0%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 22.6%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 4%。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 -22%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 12% / 6% / 28%。", "行业对照": ["同富途行业「互联网服务及基础设施」14 家中位:PE 13.1 / 股息率 0.0% / 毛利率 22.6% / 固定资产占比 21% / 分红率 0%。", "扬科集团:PE 比行业中位低 5.1倍;股息率 与行业中位持平;毛利率 与行业中位持平;固定资产占比 比行业中位低 17.8个百分点。"]}}