{"F": {"ts_code": "HK.09961", "name": "携程集团-S", "mkt": "HK", "ccy": "港元", "sw1": "旅游及观光", "sw2": "旅游及观光", "sw3": "", "ind": "旅游及观光", "fin_source": "futu", "market": "主板", "list_date": "20210419", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 325.6, "pe_ttm": 5.744, "pb": 1.097, "dv_ttm": 0.0, "total_mv": 20503202.02832, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [80.6], "rev_series": [694.1], "np_series": [371.3], "roe_series": [21.5], "rev_ttm": 694.1, "np_ttm": 353.2, "ocf_ttm": 159.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 7.8, "gm_median": 80.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 53.5, "roe_median": 21.5, "commodity": false, "hard_ratio": 2.1, "fix_assets": 57.7, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 441.5, "debt_ratio": 35.4, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 22.4, "np_yoy": 102.6, "np_vol": null, "loss_years": 0, "far_share": 13.0, "earn_yield": 17.4, "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": -41.2, "ret_20": -8.8, "ret_60": -13.7, "ret_120": -21.7, "ret_250": -41.0, "mdd_250": null, "vol_250": null, "pos_52w": 53.1, "eps": 58.538}, "S": {"duration": 13, "pricing": 72, "hard": 3, "bondness": 13}, "label": "定价权·品牌", "tags": ["轻资产现金牛"], "text": {"像什么": ["没有硬资产(固定资产占比 2%)但有定价权:毛利率最新年报 80.6%、ROE 最新年报 21.5%。", "经营现金流/市值 7.8%,分红率 0%,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 80.6%),硬资产占比 2%。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 7.8%(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 80.6%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 2%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.7 倍 粗算,约 13%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -41%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -9% / -14% / -22%。", "行业对照": ["同富途行业「旅游及观光」12 家中位:PE 7.9 / 股息率 0.4% / 毛利率 26.6% / 固定资产占比 12% / 分红率 24%。", "携程集团-S:PE 比行业中位低 2.2倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 54.0个百分点;固定资产占比 比行业中位低 10.0个百分点。"]}}