{"F": {"ts_code": "HK.01935", "name": "嘉宏教育", "mkt": "HK", "ccy": "港元", "sw1": "教育", "sw2": "教育", "sw3": "", "ind": "教育", "fin_source": "futu", "market": "主板", "list_date": "20190618", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 0.875, "pe_ttm": 7.231, "pb": 0.356, "dv_ttm": 0.0, "total_mv": 140072.625, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [50.9], "rev_series": [10.6], "np_series": [3.4], "roe_series": [7.3], "rev_ttm": 10.6, "np_ttm": 2.0, "ocf_ttm": 9.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 65.6, "gm_median": 50.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 31.7, "roe_median": 7.3, "commodity": false, "hard_ratio": 35.8, "fix_assets": 20.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 3.4, "debt_ratio": 30.1, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 1.5, "np_yoy": -27.9, "np_vol": null, "loss_years": 0, "far_share": 31.0, "earn_yield": 13.8, "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": -1.7, "ret_20": 16.7, "ret_60": 0.6, "ret_120": -20.5, "ret_250": -1.7, "mdd_250": null, "vol_250": null, "pos_52w": 51.5, "eps": 0.156}, "S": {"duration": 17, "pricing": 57, "hard": 57, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 7.2 倍、股息率 0.0%、毛利率最新年报 50.9%、固定资产占比 36%、资产负债率 30%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 36%、毛利率 50.9% 两条都占,但所在行业(教育)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 65.6%(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 50.9%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 36%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.2 倍 粗算,约 31%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -2%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 17% / 1% / -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%。", "嘉宏教育:PE 比行业中位高 4.0倍;股息率 与行业中位持平;毛利率 比行业中位高 5.6个百分点;固定资产占比 比行业中位低 1.2个百分点。"]}}