{"F": {"ts_code": "HK.89888", "name": "百度集团-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": 82.25, "pe_ttm": -60.745, "pb": 0.823, "dv_ttm": 0.0, "total_mv": 22388624.9622, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [43.9], "rev_series": [1435.5], "np_series": [60.7], "roe_series": [2.1], "rev_ttm": 1435.5, "np_ttm": -36.0, "ocf_ttm": 112.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 5.0, "gm_median": 43.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 4.2, "roe_median": 2.1, "commodity": false, "hard_ratio": 6.4, "fix_assets": 309.4, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 285.7, "debt_ratio": 35.5, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 1.4, "np_yoy": -76.4, "np_vol": null, "loss_years": 1, "far_share": 100, "earn_yield": null, "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": -30.2, "ret_20": -10.4, "ret_60": -18.7, "ret_120": -23.3, "ret_250": 3.9, "mdd_250": null, "vol_250": null, "pos_52w": 57.5, "eps": 2.053}, "S": {"duration": 100, "pricing": 54, "hard": 10, "bondness": 13}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -36.0 亿;PE 为负,估值指标失真。", "资产负债率 36%,有息负债 —,经营现金流/市值 5.0%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 43.9%),硬资产占比 6%。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": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 5.0%(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 43.9%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 6%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 58%;近 20 / 60 / 120 日 -10% / -19% / -23%。", "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%。", "百度集团-WR:PE 比行业中位低 74.7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 4.1个百分点;固定资产占比 比行业中位低 2.0个百分点。"]}}