{"F": {"ts_code": "HK.01981", "name": "华夏控股", "mkt": "HK", "ccy": "港元", "sw1": "教育", "sw2": "教育", "sw3": "", "ind": "教育", "fin_source": "futu", "market": "主板", "list_date": "20200715", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 0.69, "pe_ttm": 2.749, "pb": 0.396, "dv_ttm": 9.86, "total_mv": 114190.653, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [58.0], "rev_series": [8.8], "np_series": [3.7], "roe_series": [13.1], "rev_ttm": 8.8, "np_ttm": 4.1, "ocf_ttm": 6.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 60.2, "gm_median": 58.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 42.1, "roe_median": 13.1, "commodity": false, "hard_ratio": 38.5, "fix_assets": 13.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 3.7, "debt_ratio": 20.6, "debt_mv": null, "payout": 27.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 5.3, "np_yoy": 196.5, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 36.4, "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": -20.9, "ret_20": 3.8, "ret_60": 1.5, "ret_120": -3.1, "ret_250": -59.2, "mdd_250": null, "vol_250": null, "pos_52w": 39.6, "eps": 0.201}, "S": {"duration": 7, "pricing": 61, "hard": 62, "bondness": 52}, "label": "中性", "tags": ["股息率≥4%"], "text": {"像什么": ["PE 2.7 倍、股息率 9.9%、毛利率最新年报 58.0%、固定资产占比 38%、资产负债率 21%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 38%、毛利率 58.0% 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 60.2%(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 58.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 38%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 2.7 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -59%,现价在 52 周高点的 40%;近 20 / 60 / 120 日 4% / 2% / -3%。", "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%。", "华夏控股:PE 比行业中位低 0.5倍;股息率 比行业中位高 9.9个百分点;毛利率 比行业中位高 12.7个百分点;固定资产占比 比行业中位高 1.5个百分点。"]}}