{"F": {"ts_code": "HK.00683", "name": "嘉里建设", "mkt": "HK", "ccy": "港元", "sw1": "地产发展商", "sw2": "地产发展商", "sw3": "", "ind": "地产发展商", "fin_source": "futu", "market": "主板", "list_date": "19960805", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 18.64, "pe_ttm": 25.499, "pb": 0.253, "dv_ttm": 7.24, "total_mv": 2705233.876992, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [28.9], "rev_series": [195.7], "np_series": [13.1], "roe_series": [0.9], "rev_ttm": 195.7, "np_ttm": 10.6, "ocf_ttm": 76.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 28.4, "gm_median": 28.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.7, "roe_median": 0.9, "commodity": false, "hard_ratio": 2.4, "fix_assets": 48.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.0, "debt_ratio": 43.1, "debt_mv": null, "payout": 185.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 0.4, "np_yoy": -13.6, "np_vol": null, "loss_years": 0, "far_share": 80.0, "earn_yield": 3.9, "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": -3.6, "ret_20": -2.3, "ret_60": -5.7, "ret_120": -17.5, "ret_250": -1.2, "mdd_250": null, "vol_250": null, "pos_52w": 74.1, "eps": 0.646}, "S": {"duration": 47, "pricing": 46, "hard": 4, "bondness": 78}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 185%、股息率 7.2%、最新一年营收增速 0.4%、资产负债率 43%: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 2%,毛利率最新年报 28.9%。", "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 28.4%(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 28.9%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 2%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.5 倍 粗算,约 80%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -1%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 -2% / -6% / -18%。", "行业对照": ["同富途行业「地产发展商」133 家中位:PE 9.8 / 股息率 0.0% / 毛利率 9.2% / 固定资产占比 1% / 分红率 30%。", "嘉里建设:PE 比行业中位高 15.7倍;股息率 比行业中位高 7.2个百分点;毛利率 比行业中位高 19.7个百分点;固定资产占比 比行业中位高 1.3个百分点。"]}}