{"F": {"ts_code": "US.KFY", "name": "光辉国际咨询顾问", "mkt": "US", "ccy": "美元", "sw1": "人力资源与就业服务", "sw2": "人力资源与就业服务", "sw3": "", "ind": "人力资源与就业服务", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 85.35, "pe_ttm": 16.35, "pb": 2.222, "dv_ttm": 2.33, "total_mv": 438324.59515500005, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [88.1], "rev_series": [29.4], "np_series": [2.8], "roe_series": [14.3], "rev_ttm": 29.4, "np_ttm": 2.7, "ocf_ttm": 4.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.4, "gm_median": 88.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.6, "roe_median": 14.3, "commodity": false, "hard_ratio": 9.9, "fix_assets": 3.9, "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": 5.1, "debt_ratio": 51.3, "debt_mv": null, "payout": 38.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 6.4, "np_yoy": 11.8, "np_vol": null, "loss_years": 0, "far_share": 69.0, "earn_yield": 6.1, "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": 31.4, "ret_20": 1.5, "ret_60": 17.4, "ret_120": 43.5, "ret_250": 21.3, "mdd_250": null, "vol_250": null, "pos_52w": 97.5, "eps": 5.22}, "S": {"duration": 34, "pricing": 76, "hard": 16, "bondness": 40}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 10%,毛利率最新年报 88.1%,经营现金流/市值 9.4%: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 88.1%),硬资产占比 10%。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 9.4%(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 88.1%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 10%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.4 倍 粗算,约 69%(1 − 5/PE)。中等。"]], "价格行为": "近一年 21%,现价在 52 周高点的 98%;近 20 / 60 / 120 日 2% / 17% / 44%。", "行业对照": ["同富途行业「人力资源与就业服务」19 家中位:PE 26.5 / 股息率 0.9% / 毛利率 27.4% / 固定资产占比 4% / 分红率 40%。", "光辉国际咨询顾问:PE 比行业中位低 10.1倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位高 60.7个百分点;固定资产占比 比行业中位高 5.4个百分点。"]}}