{"F": {"ts_code": "HK.00382", "name": "中汇集团", "mkt": "HK", "ccy": "港元", "sw1": "教育", "sw2": "教育", "sw3": "", "ind": "教育", "fin_source": "futu", "market": "主板", "list_date": "20190716", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 0.475, "pe_ttm": 1.357, "pb": 0.111, "dv_ttm": 29.26, "total_mv": 56955.66929500001, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [40.7], "rev_series": [27.2], "np_series": [6.5], "roe_series": [12.0], "rev_ttm": 27.2, "np_ttm": 4.2, "ocf_ttm": 9.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 167.4, "gm_median": 40.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 23.8, "roe_median": 12.0, "commodity": false, "hard_ratio": 57.4, "fix_assets": 60.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 7.2, "debt_ratio": 46.9, "debt_mv": null, "payout": 40.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 6.9, "np_yoy": -27.0, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 73.7, "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": -64.7, "ret_20": -3.1, "ret_60": -18.1, "ret_120": -64.7, "ret_250": -67.9, "mdd_250": null, "vol_250": null, "pos_52w": 28.6, "eps": 0.47}, "S": {"duration": 3, "pricing": 52, "hard": 92, "bondness": 57}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 40%、股息率 29.3%、最新一年营收增速 6.9%、资产负债率 47%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 57%、毛利率 40.7% 两条都占,但所在行业(教育)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 167.4%(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 40.7%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 57%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 1.4 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -68%,现价在 52 周高点的 29%;近 20 / 60 / 120 日 -3% / -18% / -65%。", "行业对照": ["同富途行业「教育」39 家中位:PE 3.2 / 股息率 0.0% / 毛利率 45.3% / 固定资产占比 37% / 分红率 0%。", "中汇集团:PE 比行业中位低 1.8倍;股息率 比行业中位高 29.3个百分点;毛利率 比行业中位低 4.6个百分点;固定资产占比 比行业中位高 20.4个百分点。"]}}