{"F": {"ts_code": "US.SPOK", "name": "Spok Holdings", "mkt": "US", "ccy": "美元", "sw1": "健康信息服务", "sw2": "健康信息服务", "sw3": "", "ind": "健康信息服务", "fin_source": "futu", "market": "NASDAQ", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.71, "pe_ttm": 18.789, "pb": 1.601, "dv_ttm": 11.67, "total_mv": 22403.324727, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [78.7], "rev_series": [1.4], "np_series": [0.2], "roe_series": [10.5], "rev_ttm": 1.4, "np_ttm": 0.1, "ocf_ttm": 0.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 12.8, "gm_median": 78.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 11.4, "roe_median": 10.5, "commodity": false, "hard_ratio": 23.6, "fix_assets": 0.5, "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": 0.2, "debt_ratio": 29.0, "debt_mv": null, "payout": 219.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 1.5, "np_yoy": 6.1, "np_vol": null, "loss_years": 0, "far_share": 73.0, "earn_yield": 5.3, "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": -11.6, "ret_20": -4.3, "ret_60": 1.4, "ret_120": -0.7, "ret_250": -31.1, "mdd_250": null, "vol_250": null, "pos_52w": 67.4, "eps": 0.75}, "S": {"duration": 37, "pricing": 71, "hard": 38, "bondness": 78}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 219%、股息率 11.7%、最新一年营收增速 1.5%、资产负债率 29%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 78.7%),硬资产占比 24%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 12.8%(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 78.7%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 24%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.8 倍 粗算,约 73%(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 -31%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 -4% / 1% / -1%。", "行业对照": ["同富途行业「健康信息服务」42 家中位:PE 40.7 / 股息率 0.0% / 毛利率 62.7% / 固定资产占比 5% / 分红率 0%。", "Spok Holdings:PE 比行业中位低 21.9倍;股息率 比行业中位高 11.7个百分点;毛利率 比行业中位高 16.0个百分点;固定资产占比 比行业中位高 19.0个百分点。"]}}