{"F": {"ts_code": "HK.00590", "name": "六福集团", "mkt": "HK", "ccy": "港元", "sw1": "其他零售商", "sw2": "其他零售商", "sw3": "", "ind": "其他零售商", "fin_source": "futu", "market": "主板", "list_date": "19970506", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 21.98, "pe_ttm": 6.307, "pb": 0.859, "dv_ttm": 7.14, "total_mv": 1290463.0543, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [36.7], "rev_series": [172.1], "np_series": [20.2], "roe_series": [14.5], "rev_ttm": 172.1, "np_ttm": 20.5, "ocf_ttm": 0.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 0.2, "gm_median": 36.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 11.7, "roe_median": 14.5, "commodity": false, "hard_ratio": 5.7, "fix_assets": 11.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 26.7, "debt_ratio": 32.5, "debt_mv": null, "payout": 45.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 29.0, "np_yoy": 88.7, "np_vol": null, "loss_years": 0, "far_share": 21.0, "earn_yield": 15.9, "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": -2.2, "ret_20": -9.5, "ret_60": 12.8, "ret_120": -13.8, "ret_250": -0.1, "mdd_250": null, "vol_250": null, "pos_52w": 65.7, "eps": 3.485}, "S": {"duration": 15, "pricing": 50, "hard": 9, "bondness": 59}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 45%、股息率 7.1%、最新一年营收增速 29.0%、资产负债率 32%: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 36.7%),硬资产占比 6%。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 0.2%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 36.7%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 6%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.3 倍 粗算,约 21%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -0%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 -10% / 13% / -14%。", "行业对照": ["同富途行业「其他零售商」16 家中位:PE 6.6 / 股息率 0.6% / 毛利率 31.1% / 固定资产占比 6% / 分红率 44%。", "六福集团:PE 比行业中位低 0.3倍;股息率 比行业中位高 6.5个百分点;毛利率 比行业中位高 5.6个百分点;固定资产占比 比行业中位高 0.1个百分点。"]}}