{"F": {"ts_code": "HK.00293", "name": "国泰航空", "mkt": "HK", "ccy": "港元", "sw1": "航空服务", "sw2": "航空服务", "sw3": "", "ind": "航空服务", "fin_source": "futu", "market": "主板", "list_date": "19860515", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.42, "pe_ttm": 6.533, "pb": 1.511, "dv_ttm": 6.24, "total_mv": 8768986.630796, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [null], "rev_series": [1167.7], "np_series": [108.3], "roe_series": [19.2], "rev_ttm": 1167.7, "np_ttm": 134.2, "ocf_ttm": 279.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 31.8, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.3, "roe_median": 19.2, "commodity": false, "hard_ratio": 67.3, "fix_assets": 1171.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 272.0, "debt_ratio": 66.0, "debt_mv": null, "payout": 41.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 11.9, "np_yoy": 9.5, "np_vol": null, "loss_years": 0, "far_share": 23.0, "earn_yield": 15.3, "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": 25.1, "ret_20": -1.6, "ret_60": 23.6, "ret_120": 17.5, "ret_250": 49.0, "mdd_250": null, "vol_250": null, "pos_52w": 96.4, "eps": 1.781}, "S": {"duration": 15, "pricing": 32, "hard": 100, "bondness": 57}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 41%、股息率 6.2%、最新一年营收增速 11.9%、资产负债率 66%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 67%),没有定价权:毛利率最新年报 —。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 31.8%(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?", "毛利率未披露(公用事业 / 地产 / 综合企业常见)。无法从毛利率判断。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 67%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.5 倍 粗算,约 23%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 49%,现价在 52 周高点的 96%;近 20 / 60 / 120 日 -2% / 24% / 18%。", "行业对照": ["同富途行业「航空服务」8 家中位:PE 8.0 / 股息率 0.0% / 毛利率 25.1% / 固定资产占比 58% / 分红率 41%。", "国泰航空:PE 比行业中位低 1.5倍;股息率 比行业中位高 6.2个百分点;毛利率 ;固定资产占比 比行业中位高 9.8个百分点。"]}}