{"F": {"ts_code": "HK.81024", "name": "快手-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": 28.82, "pe_ttm": 7.908, "pb": 1.516, "dv_ttm": 3.53, "total_mv": 12470302.22163, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [55.0], "rev_series": [1587.8], "np_series": [207.1], "roe_series": [26.6], "rev_ttm": 1587.8, "np_ttm": 179.4, "ocf_ttm": 272.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 21.9, "gm_median": 55.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 13.0, "roe_median": 26.6, "commodity": false, "hard_ratio": 12.4, "fix_assets": 207.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 229.3, "debt_ratio": 51.6, "debt_mv": null, "payout": 28.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 17.6, "np_yoy": 26.9, "np_vol": null, "loss_years": 0, "far_share": 37.0, "earn_yield": 12.6, "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": -49.5, "ret_20": -24.2, "ret_60": -27.6, "ret_120": -46.0, "ret_250": -58.9, "mdd_250": null, "vol_250": null, "pos_52w": 34.0, "eps": 4.303}, "S": {"duration": 18, "pricing": 60, "hard": 20, "bondness": 44}, "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 12%)但有定价权:毛利率最新年报 55.0%、ROE 最新年报 26.6%。", "经营现金流/市值 21.9%,分红率 28%,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 55.0%),硬资产占比 12%。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 21.9%(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 55.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 12%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.9 倍 粗算,约 37%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -59%,现价在 52 周高点的 34%;近 20 / 60 / 120 日 -24% / -28% / -46%。", "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%。", "快手-WR:PE 比行业中位低 6.1倍;股息率 比行业中位高 2.3个百分点;毛利率 比行业中位高 15.2个百分点;固定资产占比 比行业中位高 4.0个百分点。"]}}