{"F": {"ts_code": "HK.02671", "name": "美联股份", "mkt": "HK", "ccy": "港元", "sw1": "建筑材料", "sw2": "建筑材料", "sw3": "", "ind": "建筑材料", "fin_source": "futu", "market": "主板", "list_date": "20251230", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.0, "pe_ttm": 116.279, "pb": 0.915, "dv_ttm": 8.48, "total_mv": 60275.0025, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [10.0], "rev_series": [25.5], "np_series": [0.7], "roe_series": [12.5], "rev_ttm": 25.5, "np_ttm": 0.1, "ocf_ttm": 0.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 15.2, "gm_median": 10.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.9, "roe_median": 12.5, "commodity": false, "hard_ratio": 3.7, "fix_assets": 0.7, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 1.1, "debt_ratio": 65.7, "debt_mv": null, "payout": 986.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 57.5, "np_yoy": -2.8, "np_vol": null, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.9, "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": -26.2, "ret_20": 22.1, "ret_60": 23.2, "ret_120": 27.7, "ret_250": -29.6, "mdd_250": null, "vol_250": null, "pos_52w": 43.2, "eps": 0.603}, "S": {"duration": 95, "pricing": 37, "hard": 6, "bondness": 78}, "label": "纯久期", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["PE TTM 116.3 倍,估值里约 96% 来自 5 年后的假设;固定资产占比 4%,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 4%,毛利率最新年报 10.0%。", "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 15.2%(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 10.0%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 4%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 116.3 倍 粗算,约 96%(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 -30%,现价在 52 周高点的 43%;近 20 / 60 / 120 日 22% / 23% / 28%。", "行业对照": ["同富途行业「建筑材料」30 家中位:PE 11.7 / 股息率 0.0% / 毛利率 16.6% / 固定资产占比 25% / 分红率 32%。", "美联股份:PE 比行业中位高 104.6倍;股息率 比行业中位高 8.5个百分点;毛利率 比行业中位低 6.6个百分点;固定资产占比 比行业中位低 21.5个百分点。"]}}