{"F": {"ts_code": "HK.00608", "name": "达利国际", "mkt": "HK", "ccy": "港元", "sw1": "服装", "sw2": "服装", "sw3": "", "ind": "服装", "fin_source": "futu", "market": "主板", "list_date": "19920804", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.025, "pe_ttm": 7.02, "pb": 0.093, "dv_ttm": 6.83, "total_mv": 31325.58055, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [17.8], "rev_series": [30.6], "np_series": [0.7], "roe_series": [2.2], "rev_ttm": 30.6, "np_ttm": 0.4, "ocf_ttm": -0.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -7.0, "gm_median": 17.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.2, "roe_median": 2.2, "commodity": false, "hard_ratio": 9.1, "fix_assets": 5.8, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 1.1, "debt_ratio": 51.6, "debt_mv": null, "payout": 48.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -8.2, "np_yoy": -28.7, "np_vol": null, "loss_years": 0, "far_share": 29.0, "earn_yield": 14.2, "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": -36.5, "ret_20": -9.3, "ret_60": -13.5, "ret_120": -20.8, "ret_250": -23.5, "mdd_250": null, "vol_250": null, "pos_52w": 60.1, "eps": 0.228}, "S": {"duration": 16, "pricing": 41, "hard": 15, "bondness": 60}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 48%、股息率 6.8%、最新一年营收增速 -8.2%、资产负债率 52%: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 9%,毛利率最新年报 17.8%。", "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 -7.0%(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 17.8%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 9%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.0 倍 粗算,约 29%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -24%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -9% / -14% / -21%。", "行业对照": ["同富途行业「服装」46 家中位:PE 9.8 / 股息率 0.2% / 毛利率 24.4% / 固定资产占比 18% / 分红率 42%。", "达利国际:PE 比行业中位低 2.8倍;股息率 比行业中位高 6.6个百分点;毛利率 比行业中位低 6.6个百分点;固定资产占比 比行业中位低 9.3个百分点。"]}}