{"F": {"ts_code": "HK.02779", "name": "中国新华教育", "mkt": "HK", "ccy": "港元", "sw1": "教育", "sw2": "教育", "sw3": "", "ind": "教育", "fin_source": "futu", "market": "主板", "list_date": "20180326", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 0.34, "pe_ttm": 1.484, "pb": 0.111, "dv_ttm": 0.0, "total_mv": 54691.822, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [51.0], "rev_series": [7.3], "np_series": [3.8], "roe_series": [8.8], "rev_ttm": 7.3, "np_ttm": 3.7, "ocf_ttm": 5.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 97.6, "gm_median": 51.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 51.4, "roe_median": 8.8, "commodity": false, "hard_ratio": 8.6, "fix_assets": 4.7, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 4.0, "debt_ratio": 21.1, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 6.1, "np_yoy": 7.0, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 67.4, "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": -39.3, "ret_20": 15.3, "ret_60": -10.5, "ret_120": -39.3, "ret_250": -40.4, "mdd_250": null, "vol_250": null, "pos_52w": 42.5, "eps": 0.233}, "S": {"duration": 4, "pricing": 58, "hard": 14, "bondness": 13}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 9%,毛利率最新年报 51.0%,经营现金流/市值 97.6%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 51.0%),硬资产占比 9%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 97.6%(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 51.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 9%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 1.5 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -40%,现价在 52 周高点的 42%;近 20 / 60 / 120 日 15% / -10% / -39%。", "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%。", "中国新华教育:PE 比行业中位低 1.7倍;股息率 与行业中位持平;毛利率 比行业中位高 5.7个百分点;固定资产占比 比行业中位低 28.4个百分点。"]}}