{"F": {"ts_code": "HK.03396", "name": "联想控股", "mkt": "HK", "ccy": "港元", "sw1": "电脑及周边器材", "sw2": "电脑及周边器材", "sw3": "", "ind": "电脑及周边器材", "fin_source": "futu", "market": "主板", "list_date": "20150629", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.93, "pe_ttm": 14.952, "pb": 0.698, "dv_ttm": 0.61, "total_mv": 4460345.0937, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [15.9], "rev_series": [6738.7], "np_series": [109.0], "roe_series": [1.9], "rev_ttm": 6738.7, "np_ttm": 29.9, "ocf_ttm": 355.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 79.7, "gm_median": 15.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 1.6, "roe_median": 1.9, "commodity": false, "hard_ratio": 5.3, "fix_assets": 431.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 266.9, "debt_ratio": 86.0, "debt_mv": null, "payout": 9.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 23.5, "np_yoy": 33.3, "np_vol": null, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.7, "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": 116.0, "ret_20": 19.4, "ret_60": 24.1, "ret_120": 105.4, "ret_250": 59.8, "mdd_250": null, "vol_250": null, "pos_52w": 91.9, "eps": 0.498}, "S": {"duration": 31, "pricing": 40, "hard": 8, "bondness": 20}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 33%,PE TTM 15.0 倍,历史 PEG(PE ÷ 最新增速)0.45。", "经营现金流 355.5 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": "两条都不占:固定资产占比 5%,毛利率最新年报 15.9%。", "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 79.7%(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 15.9%。不能。"], ["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 15.0 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 60%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 19% / 24% / 105%。", "行业对照": ["同富途行业「电脑及周边器材」21 家中位:PE 14.8 / 股息率 0.0% / 毛利率 15.4% / 固定资产占比 10% / 分红率 0%。", "联想控股:PE 比行业中位高 0.2倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 0.5个百分点;固定资产占比 比行业中位低 4.8个百分点。"]}}