{"F": {"ts_code": "HK.00693", "name": "陈唱国际", "mkt": "HK", "ccy": "港元", "sw1": "汽车零售商", "sw2": "汽车零售商", "sw3": "", "ind": "汽车零售商", "fin_source": "futu", "market": "主板", "list_date": "19980707", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.55, "pe_ttm": 14.622, "pb": 0.278, "dv_ttm": 5.16, "total_mv": 312062.895, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [20.2], "rev_series": [120.4], "np_series": [3.2], "roe_series": [1.3], "rev_ttm": 120.4, "np_ttm": 2.1, "ocf_ttm": 9.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 31.1, "gm_median": 20.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.6, "roe_median": 1.3, "commodity": false, "hard_ratio": 23.1, "fix_assets": 54.8, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 7.5, "debt_ratio": 45.3, "debt_mv": null, "payout": 75.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -5.2, "np_yoy": -47.8, "np_vol": null, "loss_years": 0, "far_share": 66.0, "earn_yield": 6.8, "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": -17.1, "ret_20": -3.1, "ret_60": -6.1, "ret_120": -2.5, "ret_250": 6.2, "mdd_250": null, "vol_250": null, "pos_52w": 79.9, "eps": 0.071}, "S": {"duration": 31, "pricing": 42, "hard": 37, "bondness": 69}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 75%、股息率 5.2%、最新一年营收增速 -5.2%、资产负债率 45%: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 23%,毛利率最新年报 20.2%。", "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 31.1%(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 20.2%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 23%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.6 倍 粗算,约 66%(1 − 5/PE)。中等。"]], "价格行为": "近一年 6%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 -3% / -6% / -2%。", "行业对照": ["同富途行业「汽车零售商」15 家中位:PE 22.4 / 股息率 0.0% / 毛利率 5.9% / 固定资产占比 17% / 分红率 38%。", "陈唱国际:PE 比行业中位低 7.8倍;股息率 比行业中位高 5.2个百分点;毛利率 比行业中位高 14.3个百分点;固定资产占比 比行业中位高 6.5个百分点。"]}}