{"F": {"ts_code": "HK.00239", "name": "白花油", "mkt": "HK", "ccy": "港元", "sw1": "药品", "sw2": "药品", "sw3": "", "ind": "药品", "fin_source": "futu", "market": "主板", "list_date": "19911218", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.5, "pe_ttm": 7.861, "pb": 1.061, "dv_ttm": 7.6, "total_mv": 77910.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [86.3], "rev_series": [2.1], "np_series": [0.9], "roe_series": [12.6], "rev_ttm": 2.1, "np_ttm": 1.0, "ocf_ttm": 0.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 5.9, "gm_median": 86.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 42.7, "roe_median": 12.6, "commodity": false, "hard_ratio": 28.2, "fix_assets": 2.4, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 1.1, "debt_ratio": 12.8, "debt_mv": null, "payout": 60.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -9.7, "np_yoy": 16.2, "np_vol": null, "loss_years": 0, "far_share": 36.0, "earn_yield": 12.7, "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": 10.6, "ret_20": 6.4, "ret_60": 7.8, "ret_120": 13.6, "ret_250": 13.1, "mdd_250": null, "vol_250": null, "pos_52w": 91.6, "eps": 0.293}, "S": {"duration": 18, "pricing": 75, "hard": 45, "bondness": 64}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 60%、股息率 7.6%、最新一年营收增速 -9.7%、资产负债率 13%: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 86.3%),硬资产占比 28%。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 5.9%(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 86.3%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 28%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.9 倍 粗算,约 36%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 13%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 6% / 8% / 14%。", "行业对照": ["同富途行业「药品」55 家中位:PE 15.5 / 股息率 0.8% / 毛利率 63.8% / 固定资产占比 18% / 分红率 29%。", "白花油:PE 比行业中位低 7.6倍;股息率 比行业中位高 6.8个百分点;毛利率 比行业中位高 22.5个百分点;固定资产占比 比行业中位高 10.6个百分点。"]}}