{"F": {"ts_code": "HK.06049", "name": "保利物业", "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": "20191219", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 28.76, "pe_ttm": 8.68, "pb": 1.289, "dv_ttm": 5.59, "total_mv": 1591386.8584, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [17.4], "rev_series": [190.5], "np_series": [17.4], "roe_series": [15.5], "rev_ttm": 190.5, "np_ttm": 18.3, "ocf_ttm": 22.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 14.1, "gm_median": 17.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.2, "roe_median": 15.5, "commodity": false, "hard_ratio": 1.4, "fix_assets": 2.7, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 23.0, "debt_ratio": 41.2, "debt_mv": null, "payout": 49.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 9.6, "np_yoy": 10.0, "np_vol": null, "loss_years": 0, "far_share": 42.0, "earn_yield": 11.5, "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": -5.0, "ret_20": 4.3, "ret_60": -2.6, "ret_120": -5.6, "ret_250": -16.1, "mdd_250": null, "vol_250": null, "pos_52w": 80.1, "eps": 3.1}, "S": {"duration": 20, "pricing": 41, "hard": 2, "bondness": 60}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 49%、股息率 5.6%、最新一年营收增速 9.6%、资产负债率 41%: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 1%,毛利率最新年报 17.4%。", "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 14.1%(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 17.4%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 1%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.7 倍 粗算,约 42%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -16%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 4% / -3% / -6%。", "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%。", "保利物业:PE 与行业中位持平;股息率 比行业中位高 5.6个百分点;毛利率 比行业中位低 3.6个百分点;固定资产占比 比行业中位低 0.4个百分点。"]}}