{"F": {"ts_code": "HK.03773", "name": "银盛数惠", "mkt": "HK", "ccy": "港元", "sw1": "互动媒体及服务", "sw2": "互动媒体及服务", "sw3": "", "ind": "互动媒体及服务", "fin_source": "futu", "market": "主板", "list_date": "20160107", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.6, "pe_ttm": 29.545, "pb": 2.636, "dv_ttm": 0.0, "total_mv": 107900.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [63.0], "rev_series": [1.7], "np_series": [0.3], "roe_series": [8.9], "rev_ttm": 1.7, "np_ttm": 0.4, "ocf_ttm": 1.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 10.3, "gm_median": 63.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 18.5, "roe_median": 8.9, "commodity": false, "hard_ratio": 0.5, "fix_assets": 0.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.4, "debt_ratio": 34.5, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 27.5, "np_yoy": 1.1, "np_vol": null, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "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": 62.5, "ret_20": 2.0, "ret_60": 3.6, "ret_120": 60.5, "ret_250": 59.5, "mdd_250": null, "vol_250": null, "pos_52w": 93.2, "eps": 0.077}, "S": {"duration": 52, "pricing": 64, "hard": 1, "bondness": 13}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 0%,毛利率最新年报 63.0%,经营现金流/市值 10.3%: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 63.0%),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 10.3%(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 63.0%。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 29.5 倍 粗算,约 83%(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 60%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 2% / 4% / 60%。", "行业对照": ["同富途行业「互动媒体及服务」16 家中位:PE 17.1 / 股息率 0.0% / 毛利率 44.2% / 固定资产占比 2% / 分红率 21%。", "银盛数惠:PE 比行业中位高 12.4倍;股息率 与行业中位持平;毛利率 比行业中位高 18.8个百分点;固定资产占比 比行业中位低 1.5个百分点。"]}}