{"F": {"ts_code": "HK.02295", "name": "丰城控股", "mkt": "HK", "ccy": "港元", "sw1": "重型基建", "sw2": "重型基建", "sw3": "", "ind": "重型基建", "fin_source": "futu", "market": "主板", "list_date": "20191213", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.76, "pe_ttm": 164.571, "pb": 23.225, "dv_ttm": 0.0, "total_mv": 230400.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [11.8], "rev_series": [2.4], "np_series": [0.1], "roe_series": [14.3], "rev_ttm": 2.4, "np_ttm": 0.1, "ocf_ttm": 0.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 1.5, "gm_median": 11.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 5.3, "roe_median": 14.3, "commodity": false, "hard_ratio": 6.4, "fix_assets": 0.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.1, "debt_ratio": 23.5, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 15.9, "np_yoy": 44.2, "np_vol": null, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.6, "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": 45.8, "ret_20": -15.3, "ret_60": 203.2, "ret_120": 51.6, "ret_250": 26.6, "mdd_250": null, "vol_250": null, "pos_52w": 62.6, "eps": 0.032}, "S": {"duration": 98, "pricing": 38, "hard": 10, "bondness": 13}, "label": "纯久期", "tags": [], "text": {"像什么": ["PE TTM 164.6 倍,估值里约 97% 来自 5 年后的假设;固定资产占比 6%,几乎没有重置成本可言。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 6%,毛利率最新年报 11.8%。", "加息期怎么走": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 1.5%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["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 6%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 164.6 倍 粗算,约 97%(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 27%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -15% / 203% / 52%。", "行业对照": ["同富途行业「重型基建」40 家中位:PE 9.7 / 股息率 0.0% / 毛利率 9.4% / 固定资产占比 6% / 分红率 18%。", "丰城控股:PE 比行业中位高 154.9倍;股息率 与行业中位持平;毛利率 比行业中位高 2.4个百分点;固定资产占比 比行业中位高 0.1个百分点。"]}}