{"F": {"ts_code": "HK.03699", "name": "光大永年", "mkt": "HK", "ccy": "港元", "sw1": "地产投资", "sw2": "地产投资", "sw3": "", "ind": "地产投资", "fin_source": "futu", "market": "主板", "list_date": "20180116", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.435, "pe_ttm": 9.666, "pb": 0.167, "dv_ttm": 4.6, "total_mv": 19200.9, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [69.3], "rev_series": [0.6], "np_series": [0.2], "roe_series": [2.0], "rev_ttm": 0.6, "np_ttm": 0.2, "ocf_ttm": 0.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.1, "gm_median": 69.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 39.1, "roe_median": 2.0, "commodity": false, "hard_ratio": 0.1, "fix_assets": 0.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.4, "debt_ratio": 18.4, "debt_mv": null, "payout": 44.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 13.7, "np_yoy": -19.2, "np_vol": null, "loss_years": 0, "far_share": 48.0, "earn_yield": 10.3, "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": 15.0, "ret_20": 7.4, "ret_60": 10.6, "ret_120": 13.5, "ret_250": 11.5, "mdd_250": null, "vol_250": null, "pos_52w": 89.1, "eps": 0.049}, "S": {"duration": 21, "pricing": 67, "hard": 0, "bondness": 56}, "label": "轻资产现金牛", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["固定资产占比 0%,毛利率最新年报 69.3%,经营现金流/市值 6.1%: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 69.3%),硬资产占比 0%。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 6.1%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 69.3%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 0%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 9.7 倍 粗算,约 48%(1 − 5/PE)。中等。"]], "价格行为": "近一年 12%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 7% / 11% / 14%。", "行业对照": ["同富途行业「地产投资」55 家中位:PE 12.4 / 股息率 1.5% / 毛利率 67.5% / 固定资产占比 1% / 分红率 54%。", "光大永年:PE 比行业中位低 2.7倍;股息率 比行业中位高 3.1个百分点;毛利率 比行业中位高 1.8个百分点;固定资产占比 比行业中位低 1.0个百分点。"]}}