{"F": {"ts_code": "HK.01698", "name": "腾讯音乐-SW", "mkt": "HK", "ccy": "港元", "sw1": "影视娱乐", "sw2": "影视娱乐", "sw3": "", "ind": "影视娱乐", "fin_source": "futu", "market": "主板", "list_date": "20220921", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 32.58, "pe_ttm": 10.475, "pb": 1.193, "dv_ttm": 2.75, "total_mv": 10756626.819174001, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [44.2], "rev_series": [365.9], "np_series": [126.3], "roe_series": [15.1], "rev_ttm": 365.9, "np_ttm": 102.3, "ocf_ttm": 128.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 11.9, "gm_median": 44.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 34.5, "roe_median": 15.1, "commodity": false, "hard_ratio": 1.0, "fix_assets": 11.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 149.1, "debt_ratio": 19.0, "debt_mv": null, "payout": 29.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 21.1, "np_yoy": 66.9, "np_vol": null, "loss_years": 0, "far_share": 52.0, "earn_yield": 9.5, "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": -52.1, "ret_20": -12.8, "ret_60": -7.9, "ret_120": -39.0, "ret_250": -67.2, "mdd_250": null, "vol_250": null, "pos_52w": 31.9, "eps": 3.707}, "S": {"duration": 23, "pricing": 54, "hard": 2, "bondness": 40}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 1%,毛利率最新年报 44.2%,经营现金流/市值 11.9%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 44.2%),硬资产占比 1%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 11.9%(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 44.2%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 1%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.5 倍 粗算,约 52%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -67%,现价在 52 周高点的 32%;近 20 / 60 / 120 日 -13% / -8% / -39%。", "行业对照": ["同富途行业「影视娱乐」25 家中位:PE 12.2 / 股息率 0.0% / 毛利率 35.0% / 固定资产占比 1% / 分红率 0%。", "腾讯音乐-SW:PE 比行业中位低 1.7倍;股息率 比行业中位高 2.8个百分点;毛利率 比行业中位高 9.2个百分点;固定资产占比 比行业中位低 0.2个百分点。"]}}