{"F": {"ts_code": "HK.09611", "name": "龙旗科技", "mkt": "HK", "ccy": "港元", "sw1": "消费性电讯设备", "sw2": "消费性电讯设备", "sw3": "", "ind": "消费性电讯设备", "fin_source": "futu", "market": "主板", "list_date": "20260122", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 22.8, "pe_ttm": 21.755, "pb": 1.415, "dv_ttm": 2.51, "total_mv": 1190737.85232, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [8.5], "rev_series": [468.5], "np_series": [6.5], "roe_series": [10.4], "rev_ttm": 468.5, "np_ttm": 9.3, "ocf_ttm": 6.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 5.8, "gm_median": 8.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 1.4, "roe_median": 10.4, "commodity": false, "hard_ratio": 10.4, "fix_assets": 30.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 7.7, "debt_ratio": 77.7, "debt_mv": null, "payout": 55.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -5.1, "np_yoy": 24.7, "np_vol": null, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.6, "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": -26.5, "ret_20": 2.7, "ret_60": -8.4, "ret_120": -5.0, "ret_250": -26.5, "mdd_250": null, "vol_250": null, "pos_52w": 62.8, "eps": 1.24}, "S": {"duration": 42, "pricing": 36, "hard": 17, "bondness": 47}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 25%,PE TTM 21.8 倍,历史 PEG(PE ÷ 最新增速)0.88。", "经营现金流 6.8 亿(正),没有一致预期数据,风险在增速能否延续。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 10%,毛利率最新年报 8.5%。", "加息期怎么走": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 5.8%(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 8.5%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 10%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.8 倍 粗算,约 77%(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 -26%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 3% / -8% / -5%。", "行业对照": ["同富途行业「消费性电讯设备」20 家中位:PE 22.0 / 股息率 0.3% / 毛利率 10.1% / 固定资产占比 2% / 分红率 26%。", "龙旗科技:PE 比行业中位低 0.2倍;股息率 比行业中位高 2.2个百分点;毛利率 比行业中位低 1.6个百分点;固定资产占比 比行业中位高 8.9个百分点。"]}}