{"F": {"ts_code": "HK.09898", "name": "微博-SW", "mkt": "HK", "ccy": "港元", "sw1": "互动媒体及服务", "sw2": "互动媒体及服务", "sw3": "", "ind": "互动媒体及服务", "fin_source": "futu", "market": "主板", "list_date": "20211208", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 53.4, "pe_ttm": 5.253, "pb": 0.419, "dv_ttm": 8.95, "total_mv": 1295542.43028, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [76.0], "rev_series": [136.7], "np_series": [35.9], "roe_series": [12.1], "rev_ttm": 136.7, "np_ttm": 24.7, "ocf_ttm": 40.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 31.2, "gm_median": 76.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 26.2, "roe_median": 12.1, "commodity": false, "hard_ratio": 3.7, "fix_assets": 19.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 53.5, "debt_ratio": 43.5, "debt_mv": null, "payout": 47.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 0.3, "np_yoy": 49.0, "np_vol": null, "loss_years": 0, "far_share": 5.0, "earn_yield": 19.0, "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": -28.1, "ret_20": -13.6, "ret_60": -11.0, "ret_120": -27.3, "ret_250": -35.4, "mdd_250": null, "vol_250": null, "pos_52w": 54.3, "eps": 14.223}, "S": {"duration": 12, "pricing": 70, "hard": 6, "bondness": 59}, "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 76.0%,经营现金流/市值 31.2%: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 76.0%),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 31.2%(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 76.0%。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 5.3 倍 粗算,约 5%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -35%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -14% / -11% / -27%。", "行业对照": ["同富途行业「互动媒体及服务」16 家中位:PE 17.1 / 股息率 0.0% / 毛利率 44.2% / 固定资产占比 2% / 分红率 21%。", "微博-SW:PE 比行业中位低 11.8倍;股息率 比行业中位高 8.9个百分点;毛利率 比行业中位高 31.8个百分点;固定资产占比 比行业中位高 1.7个百分点。"]}}