{"F": {"ts_code": "HK.00640", "name": "星谦发展", "mkt": "HK", "ccy": "港元", "sw1": "特殊化工用品", "sw2": "特殊化工用品", "sw3": "", "ind": "特殊化工用品", "fin_source": "futu", "market": "主板", "list_date": "20100812", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.34, "pe_ttm": 6.341, "pb": 1.026, "dv_ttm": 7.86, "total_mv": 72597.455892, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [37.9], "rev_series": [8.4], "np_series": [1.2], "roe_series": [20.2], "rev_ttm": 8.4, "np_ttm": 1.1, "ocf_ttm": 1.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 24.7, "gm_median": 37.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 14.6, "roe_median": 20.2, "commodity": false, "hard_ratio": 14.5, "fix_assets": 1.2, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 1.5, "debt_ratio": 25.7, "debt_mv": null, "payout": 50.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 13.4, "np_yoy": 21.7, "np_vol": null, "loss_years": 0, "far_share": 21.0, "earn_yield": 15.8, "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": -1.6, "ret_20": -2.9, "ret_60": -6.8, "ret_120": -6.4, "ret_250": 6.5, "mdd_250": null, "vol_250": null, "pos_52w": 81.5, "eps": 0.394}, "S": {"duration": 15, "pricing": 51, "hard": 23, "bondness": 60}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 50%、股息率 7.9%、最新一年营收增速 13.4%、资产负债率 26%: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 37.9%),硬资产占比 14%。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 24.7%(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 37.9%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 14%。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 6%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 -3% / -7% / -6%。", "行业对照": ["同富途行业「特殊化工用品」31 家中位:PE 10.7 / 股息率 0.0% / 毛利率 16.2% / 固定资产占比 39% / 分红率 9%。", "星谦发展:PE 比行业中位低 4.4倍;股息率 比行业中位高 7.9个百分点;毛利率 比行业中位高 21.7个百分点;固定资产占比 比行业中位低 24.8个百分点。"]}}