{"F": {"ts_code": "HK.03658", "name": "新希望服务", "mkt": "HK", "ccy": "港元", "sw1": "物业服务及管理", "sw2": "物业服务及管理", "sw3": "", "ind": "物业服务及管理", "fin_source": "futu", "market": "主板", "list_date": "20210525", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.665, "pe_ttm": 6.032, "pb": 0.883, "dv_ttm": 11.95, "total_mv": 135551.979, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [29.7], "rev_series": [17.1], "np_series": [2.6], "roe_series": [17.1], "rev_ttm": 17.1, "np_ttm": 2.2, "ocf_ttm": 2.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 15.7, "gm_median": 29.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 15.4, "roe_median": 17.1, "commodity": false, "hard_ratio": 1.8, "fix_assets": 0.4, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 3.4, "debt_ratio": 33.0, "debt_mv": null, "payout": 72.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 8.8, "np_yoy": -3.3, "np_vol": null, "loss_years": 0, "far_share": 17.0, "earn_yield": 16.6, "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": -10.1, "ret_20": -11.2, "ret_60": -12.0, "ret_120": -12.0, "ret_250": -3.3, "mdd_250": null, "vol_250": null, "pos_52w": 77.0, "eps": 0.294}, "S": {"duration": 14, "pricing": 47, "hard": 3, "bondness": 68}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 72%、股息率 11.9%、最新一年营收增速 8.8%、资产负债率 33%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 2%,毛利率最新年报 29.7%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 15.7%(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 29.7%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 2%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.0 倍 粗算,约 17%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -3%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -11% / -12% / -12%。", "行业对照": ["同富途行业「物业服务及管理」66 家中位:PE 8.7 / 股息率 0.0% / 毛利率 21.0% / 固定资产占比 2% / 分红率 19%。", "新希望服务:PE 比行业中位低 2.7倍;股息率 比行业中位高 11.9个百分点;毛利率 比行业中位高 8.7个百分点;固定资产占比 与行业中位持平。"]}}