{"F": {"ts_code": "HK.02508", "name": "圣贝拉集团", "mkt": "HK", "ccy": "港元", "sw1": "其他支援服务", "sw2": "其他支援服务", "sw3": "", "ind": "其他支援服务", "fin_source": "futu", "market": "主板", "list_date": "20250626", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.02, "pe_ttm": 12.226, "pb": 1.677, "dv_ttm": 0.0, "total_mv": 186959.744, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [36.0], "rev_series": [11.6], "np_series": [4.6], "roe_series": [0.0], "rev_ttm": 11.6, "np_ttm": 1.6, "ocf_ttm": 1.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 7.9, "gm_median": 36.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 39.3, "roe_median": 0.0, "commodity": false, "hard_ratio": 4.9, "fix_assets": 0.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 4.7, "debt_ratio": 35.6, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 36.9, "np_yoy": 179.1, "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": -24.3, "ret_20": -8.6, "ret_60": -21.4, "ret_120": -38.2, "ret_250": -54.4, "mdd_250": null, "vol_250": null, "pos_52w": 41.3, "eps": 0.729}, "S": {"duration": 26, "pricing": 50, "hard": 8, "bondness": 13}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 179%,PE TTM 12.2 倍,历史 PEG(PE ÷ 最新增速)0.07。", "经营现金流 1.5 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 36.0%),硬资产占比 5%。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 7.9%(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 36.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 5%。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 -54%,现价在 52 周高点的 41%;近 20 / 60 / 120 日 -9% / -21% / -38%。", "行业对照": ["同富途行业「其他支援服务」28 家中位:PE 9.6 / 股息率 0.5% / 毛利率 20.0% / 固定资产占比 3% / 分红率 39%。", "圣贝拉集团:PE 比行业中位高 2.6倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 16.0个百分点;固定资产占比 比行业中位高 1.5个百分点。"]}}