{"F": {"ts_code": "HK.80020", "name": "商汤-WR", "mkt": "HK", "ccy": "港元", "sw1": "", "sw2": "", "sw3": "", "ind": "", "fin_source": "futu", "market": "主板", "list_date": "20230619", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.23, "pe_ttm": 153.75, "pb": 1.725, "dv_ttm": 0.0, "total_mv": 5192640.6564690005, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [41.0], "rev_series": [55.8], "np_series": [-19.8], "roe_series": [-7.1], "rev_ttm": 55.8, "np_ttm": 3.6, "ocf_ttm": -5.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -1.0, "gm_median": 41.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -35.5, "roe_median": -7.1, "commodity": false, "hard_ratio": 17.9, "fix_assets": 72.2, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -13.0, "debt_ratio": 30.4, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 39.0, "np_yoy": 56.7, "np_vol": null, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.7, "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": -37.9, "ret_20": -2.4, "ret_60": -3.1, "ret_120": -38.8, "ret_250": -35.3, "mdd_250": null, "vol_250": null, "pos_52w": 44.2, "eps": -0.042}, "S": {"duration": 98, "pricing": 52, "hard": 29, "bondness": 13}, "label": "纯久期", "tags": [], "text": {"像什么": ["PE TTM 153.8 倍,估值里约 97% 来自 5 年后的假设;固定资产占比 18%,几乎没有重置成本可言。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 41.0%),硬资产占比 18%。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": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 -1.0%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 41.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 18%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 153.8 倍 粗算,约 97%(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 -35%,现价在 52 周高点的 44%;近 20 / 60 / 120 日 -2% / -3% / -39%。", "行业对照": ["同富途行业「」33 家中位:PE 14.0 / 股息率 1.2% / 毛利率 39.8% / 固定资产占比 8% / 分红率 38%。", "商汤-WR:PE 比行业中位高 139.8倍;股息率 比行业中位低 1.2个百分点;毛利率 比行业中位高 1.2个百分点;固定资产占比 比行业中位高 9.5个百分点。"]}}