{"F": {"ts_code": "HK.00536", "name": "贸易通", "mkt": "HK", "ccy": "港元", "sw1": "数码解决方案服务", "sw2": "数码解决方案服务", "sw3": "", "ind": "数码解决方案服务", "fin_source": "futu", "market": "主板", "list_date": "20051028", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 1.165, "pe_ttm": 10.99, "pb": 2.473, "dv_ttm": 8.76, "total_mv": 92740.8407635, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [null], "rev_series": [2.5], "np_series": [0.8], "roe_series": [22.1], "rev_ttm": 2.5, "np_ttm": 0.8, "ocf_ttm": 0.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 3.2, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 33.2, "roe_median": 22.1, "commodity": false, "hard_ratio": 4.7, "fix_assets": 0.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.0, "debt_ratio": 29.0, "debt_mv": null, "payout": 96.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 2.1, "np_yoy": 2.5, "np_vol": null, "loss_years": 0, "far_share": 55.0, "earn_yield": 9.1, "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": 19.5, "ret_20": 1.3, "ret_60": 1.3, "ret_120": 13.7, "ret_250": 25.5, "mdd_250": null, "vol_250": null, "pos_52w": 99.6, "eps": 0.106}, "S": {"duration": 24, "pricing": 32, "hard": 8, "bondness": 77}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 96%、股息率 8.8%、最新一年营收增速 2.1%、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": "两条都不占:固定资产占比 5%,毛利率最新年报 —。", "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 3.2%(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 5%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.0 倍 粗算,约 55%(1 − 5/PE)。中等。"]], "价格行为": "近一年 26%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 1% / 1% / 14%。", "行业对照": ["同富途行业「数码解决方案服务」75 家中位:PE 29.3 / 股息率 0.0% / 毛利率 34.9% / 固定资产占比 3% / 分红率 0%。", "贸易通:PE 比行业中位低 18.3倍;股息率 比行业中位高 8.8个百分点;毛利率 ;固定资产占比 比行业中位高 1.3个百分点。"]}}