{"F": {"ts_code": "HK.09988", "name": "阿里巴巴-W", "mkt": "HK", "ccy": "港元", "sw1": "线上零售商", "sw2": "线上零售商", "sw3": "", "ind": "线上零售商", "fin_source": "futu", "market": "主板", "list_date": "20191126", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 110.1, "pe_ttm": 25.93, "pb": 1.812, "dv_ttm": 0.9, "total_mv": 218933727.98718, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [39.8], "rev_series": [11634.0], "np_series": [1160.7], "roe_series": [10.2], "rev_ttm": 11634.0, "np_ttm": 854.6, "ocf_ttm": 904.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 4.1, "gm_median": 39.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 10.0, "roe_median": 10.2, "commodity": false, "hard_ratio": 13.1, "fix_assets": 2712.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 1747.6, "debt_ratio": 41.0, "debt_mv": null, "payout": 23.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 8.9, "np_yoy": -14.1, "np_vol": null, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.9, "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": -22.3, "ret_20": -11.1, "ret_60": -3.0, "ret_120": -16.7, "ret_250": -4.1, "mdd_250": null, "vol_250": null, "pos_52w": 59.5, "eps": 6.032}, "S": {"duration": 48, "pricing": 52, "hard": 21, "bondness": 26}, "label": "中性", "tags": [], "text": {"像什么": ["PE 25.9 倍、股息率 0.9%、毛利率最新年报 39.8%、固定资产占比 13%、资产负债率 41%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 39.8%),硬资产占比 13%。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": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 4.1%(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 39.8%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 13%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.9 倍 粗算,约 81%(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 -4%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -11% / -3% / -17%。", "行业对照": ["同富途行业「线上零售商」18 家中位:PE 17.4 / 股息率 0.0% / 毛利率 29.6% / 固定资产占比 2% / 分红率 19%。", "阿里巴巴-W:PE 比行业中位高 8.5倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位高 10.2个百分点;固定资产占比 比行业中位高 10.9个百分点。"]}}