{"F": {"ts_code": "HK.03978", "name": "卓越教育集团", "mkt": "HK", "ccy": "港元", "sw1": "教育", "sw2": "教育", "sw3": "", "ind": "教育", "fin_source": "futu", "market": "主板", "list_date": "20181227", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.7, "pe_ttm": 6.206, "pb": 2.246, "dv_ttm": 8.7, "total_mv": 228749.67, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [45.4], "rev_series": [21.2], "np_series": [3.4], "roe_series": [41.0], "rev_ttm": 21.2, "np_ttm": 3.7, "ocf_ttm": 4.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 21.0, "gm_median": 45.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 15.9, "roe_median": 41.0, "commodity": false, "hard_ratio": 4.1, "fix_assets": 0.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 4.4, "debt_ratio": 63.1, "debt_mv": null, "payout": 54.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 80.7, "np_yoy": 64.4, "np_vol": null, "loss_years": 0, "far_share": 19.0, "earn_yield": 16.1, "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": -30.3, "ret_20": -15.9, "ret_60": -18.4, "ret_120": -13.0, "ret_250": -45.9, "mdd_250": null, "vol_250": null, "pos_52w": 49.0, "eps": 0.394}, "S": {"duration": 14, "pricing": 55, "hard": 7, "bondness": 62}, "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 4%,毛利率最新年报 45.4%,经营现金流/市值 21.0%: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 45.4%),硬资产占比 4%。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 21.0%(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 45.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 4%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.2 倍 粗算,约 19%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -46%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -16% / -18% / -13%。", "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%。", "卓越教育集团:PE 比行业中位高 3.0倍;股息率 比行业中位高 8.7个百分点;毛利率 比行业中位高 0.1个百分点;固定资产占比 比行业中位低 32.9个百分点。"]}}