{"F": {"ts_code": "HK.01729", "name": "汇聚科技", "mkt": "HK", "ccy": "港元", "sw1": "电讯网路基建设施", "sw2": "电讯网路基建设施", "sw3": "", "ind": "电讯网路基建设施", "fin_source": "futu", "market": "主板", "list_date": "20180213", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 16.68, "pe_ttm": 28.709, "pb": 4.525, "dv_ttm": 0.23, "total_mv": 3725411.9538720003, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [11.8], "rev_series": [124.1], "np_series": [7.8], "roe_series": [34.1], "rev_ttm": 124.1, "np_ttm": 13.0, "ocf_ttm": 10.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 2.9, "gm_median": 11.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.3, "roe_median": 34.1, "commodity": false, "hard_ratio": 16.5, "fix_assets": 11.7, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 9.8, "debt_ratio": 69.1, "debt_mv": null, "payout": 7.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 68.0, "np_yoy": 69.0, "np_vol": null, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.5, "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": -1.8, "ret_20": 8.7, "ret_60": 1.2, "ret_120": -1.1, "ret_250": 32.0, "mdd_250": null, "vol_250": null, "pos_52w": 67.6, "eps": 0.351}, "S": {"duration": 51, "pricing": 38, "hard": 26, "bondness": 17}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 69%,PE TTM 28.7 倍,历史 PEG(PE ÷ 最新增速)0.42。", "经营现金流 10.9 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 16%,毛利率最新年报 11.8%。", "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 2.9%(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 11.8%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 16%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.7 倍 粗算,约 83%(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 32%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 9% / 1% / -1%。", "行业对照": ["同富途行业「电讯网路基建设施」16 家中位:PE 28.7 / 股息率 0.2% / 毛利率 20.1% / 固定资产占比 13% / 分红率 7%。", "汇聚科技:PE 与行业中位持平;股息率 与行业中位持平;毛利率 比行业中位低 8.3个百分点;固定资产占比 比行业中位高 3.1个百分点。"]}}