{"F": {"ts_code": "HK.06862", "name": "海底捞", "mkt": "HK", "ccy": "港元", "sw1": "餐饮", "sw2": "餐饮", "sw3": "", "ind": "餐饮", "fin_source": "futu", "market": "主板", "list_date": "20180926", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.57, "pe_ttm": 13.806, "pb": 5.736, "dv_ttm": 3.32, "total_mv": 6449118.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [59.5], "rev_series": [480.7], "np_series": [44.9], "roe_series": [40.1], "rev_ttm": 480.7, "np_ttm": 46.2, "ocf_ttm": 34.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 5.3, "gm_median": 59.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.3, "roe_median": 40.1, "commodity": false, "hard_ratio": 15.2, "fix_assets": 37.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 91.5, "debt_ratio": 54.7, "debt_mv": null, "payout": 46.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 5.7, "np_yoy": -10.1, "np_vol": null, "loss_years": 0, "far_share": 64.0, "earn_yield": 7.2, "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": -16.6, "ret_20": 2.2, "ret_60": -8.8, "ret_120": -28.3, "ret_250": -12.0, "mdd_250": null, "vol_250": null, "pos_52w": 66.2, "eps": 0.804}, "S": {"duration": 29, "pricing": 62, "hard": 24, "bondness": 49}, "label": "定价权·品牌", "tags": ["现金流红利"], "text": {"像什么": ["没有硬资产(固定资产占比 15%)但有定价权:毛利率最新年报 59.5%、ROE 最新年报 40.1%。", "经营现金流/市值 5.3%,分红率 46%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 59.5%),硬资产占比 15%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 5.3%(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 59.5%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 15%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.8 倍 粗算,约 64%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -12%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 2% / -9% / -28%。", "行业对照": ["同富途行业「餐饮」31 家中位:PE 15.4 / 股息率 0.0% / 毛利率 65.9% / 固定资产占比 17% / 分红率 33%。", "海底捞:PE 比行业中位低 1.6倍;股息率 比行业中位高 3.3个百分点;毛利率 比行业中位低 6.4个百分点;固定资产占比 比行业中位低 2.1个百分点。"]}}