{"F": {"ts_code": "US.HPP", "name": "Hudson Pacific Properties", "mkt": "US", "ccy": "美元", "sw1": "办公室REITs", "sw2": "办公室REITs", "sw3": "", "ind": "办公室REITs", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.61, "pe_ttm": -1.426, "pb": 0.286, "dv_ttm": 0.0, "total_mv": 68432.882401, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [48.5], "rev_series": [8.3], "np_series": [-5.9], "roe_series": [-23.0], "rev_ttm": 8.3, "np_ttm": -5.7, "ocf_ttm": 1.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 18.8, "gm_median": 48.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -71.3, "roe_median": -23.0, "commodity": false, "hard_ratio": 3.3, "fix_assets": 2.6, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -0.5, "debt_ratio": 55.9, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -1.3, "np_yoy": -55.3, "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": 16.4, "ret_20": -12.2, "ret_60": -16.3, "ret_120": 99.5, "ret_250": -40.7, "mdd_250": null, "vol_250": null, "pos_52w": 58.1, "eps": -12.81}, "S": {"duration": 100, "pricing": 56, "hard": 5, "bondness": 13}, "label": "轻资产现金牛", "tags": ["亏损或困境"], "text": {"像什么": ["固定资产占比 3%,毛利率最新年报 48.5%,经营现金流/市值 18.8%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 48.5%),硬资产占比 3%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 18.8%(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 48.5%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 3%。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 -41%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -12% / -16% / 100%。", "行业对照": ["同富途行业「办公室REITs」10 家中位:PE 214.5 / 股息率 1.5% / 毛利率 52.5% / 固定资产占比 0% / 分红率 700%。", "Hudson Pacific Properties:PE 比行业中位低 215.9倍;股息率 比行业中位低 1.5个百分点;毛利率 比行业中位低 4.0个百分点;固定资产占比 比行业中位高 3.0个百分点。"]}}