{"F": {"ts_code": "HK.00525", "name": "广深铁路股份", "mkt": "HK", "ccy": "港元", "sw1": "公共运输", "sw2": "公共运输", "sw3": "", "ind": "公共运输", "fin_source": "futu", "market": "主板", "list_date": "19960514", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.445, "pe_ttm": 9.979, "pb": 0.519, "dv_ttm": 4.21, "total_mv": 1731924.7965, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [5.6], "rev_series": [319.0], "np_series": [15.9], "roe_series": [5.2], "rev_ttm": 319.0, "np_ttm": 17.5, "ocf_ttm": 34.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 20.2, "gm_median": 5.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 5.0, "roe_median": 5.2, "commodity": false, "hard_ratio": 58.4, "fix_assets": 235.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 21.6, "debt_ratio": 23.5, "debt_mv": null, "payout": 42.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 10.7, "np_yoy": 40.8, "np_vol": null, "loss_years": 0, "far_share": 50.0, "earn_yield": 10.0, "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": 18.3, "ret_20": 10.1, "ret_60": 15.0, "ret_120": 17.2, "ret_250": 33.1, "mdd_250": null, "vol_250": null, "pos_52w": 96.4, "eps": 0.223}, "S": {"duration": 22, "pricing": 35, "hard": 93, "bondness": 53}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 42%、股息率 4.2%、最新一年营收增速 10.7%、资产负债率 24%: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 58%),没有定价权:毛利率最新年报 5.6%。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 20.2%(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 5.6%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 58%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.0 倍 粗算,约 50%(1 − 5/PE)。中等。"]], "价格行为": "近一年 33%,现价在 52 周高点的 96%;近 20 / 60 / 120 日 10% / 15% / 17%。", "行业对照": ["同富途行业「公共运输」8 家中位:PE 9.0 / 股息率 5.8% / 毛利率 15.3% / 固定资产占比 26% / 分红率 42%。", "广深铁路股份:PE 比行业中位高 1.0倍;股息率 比行业中位低 1.6个百分点;毛利率 比行业中位低 9.7个百分点;固定资产占比 比行业中位高 31.9个百分点。"]}}