{"F": {"ts_code": "HK.01752", "name": "澳洲成峰高教", "mkt": "HK", "ccy": "港元", "sw1": "教育", "sw2": "教育", "sw3": "", "ind": "教育", "fin_source": "futu", "market": "主板", "list_date": "20180511", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 0.098, "pe_ttm": 12.25, "pb": 0.859, "dv_ttm": 6.12, "total_mv": 21872.0908, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [45.3], "rev_series": [1.8], "np_series": [0.2], "roe_series": [6.7], "rev_ttm": 1.8, "np_ttm": 0.2, "ocf_ttm": 0.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 31.3, "gm_median": 45.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.7, "roe_median": 6.7, "commodity": false, "hard_ratio": 10.2, "fix_assets": 0.4, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.3, "debt_ratio": 33.5, "debt_mv": null, "payout": 75.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 17.2, "np_yoy": 73.1, "np_vol": null, "loss_years": 0, "far_share": 59.0, "earn_yield": 8.2, "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": 6.5, "ret_20": 0.0, "ret_60": 10.1, "ret_120": 19.5, "ret_250": 88.5, "mdd_250": null, "vol_250": null, "pos_52w": 51.6, "eps": 0.008}, "S": {"duration": 26, "pricing": 55, "hard": 16, "bondness": 69}, "label": "成长兑现", "tags": ["轻资产现金牛", "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 73%,PE TTM 12.2 倍,历史 PEG(PE ÷ 最新增速)0.17。", "经营现金流 0.7 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": "只占定价权一条(毛利率 45.3%),硬资产占比 10%。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": "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 31.3%(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 45.3%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 10%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.2 倍 粗算,约 59%(1 − 5/PE)。中等。"]], "价格行为": "近一年 88%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 0% / 10% / 20%。", "行业对照": ["同富途行业「教育」39 家中位:PE 3.2 / 股息率 0.0% / 毛利率 45.3% / 固定资产占比 37% / 分红率 0%。", "澳洲成峰高教:PE 比行业中位高 9.1倍;股息率 比行业中位高 6.1个百分点;毛利率 与行业中位持平;固定资产占比 比行业中位低 26.8个百分点。"]}}