{"F": {"ts_code": "HK.01557", "name": "剑虹集团控股", "mkt": "HK", "ccy": "港元", "sw1": "重型基建", "sw2": "重型基建", "sw3": "", "ind": "重型基建", "fin_source": "futu", "market": "主板", "list_date": "20160318", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.54, "pe_ttm": 1.881, "pb": 4.462, "dv_ttm": 0.0, "total_mv": 25920.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [0.3], "rev_series": [0.9], "np_series": [1.4], "roe_series": [0.0], "rev_ttm": 0.9, "np_ttm": 1.4, "ocf_ttm": -0.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -4.6, "gm_median": 0.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 157.5, "roe_median": 0.0, "commodity": false, "hard_ratio": 56.1, "fix_assets": 1.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -0.2, "debt_ratio": 71.9, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 156.5, "np_yoy": 339.6, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 53.2, "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": 58.8, "ret_20": -12.2, "ret_60": 17.4, "ret_120": 63.6, "ret_250": 172.7, "mdd_250": null, "vol_250": null, "pos_52w": 54.0, "eps": 0.287}, "S": {"duration": 5, "pricing": 32, "hard": 90, "bondness": 13}, "label": "重资产陷阱", "tags": [], "text": {"像什么": ["资产很重:固定资产占总资产 56%,但毛利率最新年报只有 0.3%,产品同质、售价涨不动。", "资产负债率 72%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 56%),没有定价权:毛利率最新年报 0.3%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 -4.6%(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 0.3%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 56%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 1.9 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 173%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -12% / 17% / 64%。", "行业对照": ["同富途行业「重型基建」40 家中位:PE 9.7 / 股息率 0.0% / 毛利率 9.4% / 固定资产占比 6% / 分红率 18%。", "剑虹集团控股:PE 比行业中位低 7.8倍;股息率 与行业中位持平;毛利率 比行业中位低 9.1个百分点;固定资产占比 比行业中位高 49.8个百分点。"]}}