{"F": {"ts_code": "HK.06889", "name": "DYNAM JAPAN", "mkt": "HK", "ccy": "港元", "sw1": "赌场及博彩", "sw2": "赌场及博彩", "sw3": "", "ind": "赌场及博彩", "fin_source": "futu", "market": "主板", "list_date": "20120806", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.1, "pe_ttm": 16.666, "pb": 0.326, "dv_ttm": 8.1, "total_mv": 212239.35976, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [7.7], "rev_series": [60.8], "np_series": [1.3], "roe_series": [1.9], "rev_ttm": 60.8, "np_ttm": 1.3, "ocf_ttm": 29.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 139.9, "gm_median": 7.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.1, "roe_median": 1.9, "commodity": false, "hard_ratio": 49.5, "fix_assets": 92.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 4.8, "debt_ratio": 65.3, "debt_mv": null, "payout": 135.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -7.0, "np_yoy": -38.3, "np_vol": null, "loss_years": 0, "far_share": 70.0, "earn_yield": 6.0, "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": -5.4, "ret_20": 3.7, "ret_60": 6.2, "ret_120": 0.8, "ret_250": -9.9, "mdd_250": null, "vol_250": null, "pos_52w": 89.3, "eps": 0.186}, "S": {"duration": 34, "pricing": 36, "hard": 79, "bondness": 78}, "label": "重资产陷阱", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["资产很重:固定资产占总资产 50%,但毛利率最新年报只有 7.7%,产品同质、售价涨不动。", "资产负债率 65%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 50%),没有定价权:毛利率最新年报 7.7%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 139.9%(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 7.7%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 50%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.7 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -10%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 4% / 6% / 1%。", "行业对照": ["同富途行业「赌场及博彩」16 家中位:PE 9.4 / 股息率 3.7% / 毛利率 46.6% / 固定资产占比 51% / 分红率 45%。", "DYNAM JAPAN:PE 比行业中位高 7.3倍;股息率 比行业中位高 4.4个百分点;毛利率 比行业中位低 38.9个百分点;固定资产占比 比行业中位低 1.7个百分点。"]}}