{"F": {"ts_code": "HK.00831", "name": "利亚零售", "mkt": "HK", "ccy": "港元", "sw1": "包装食品", "sw2": "包装食品", "sw3": "", "ind": "包装食品", "fin_source": "futu", "market": "主板", "list_date": "20010118", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.38, "pe_ttm": 8.26, "pb": 0.46, "dv_ttm": 10.53, "total_mv": 29721.205012000002, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [51.1], "rev_series": [14.5], "np_series": [0.3], "roe_series": [5.3], "rev_ttm": 14.5, "np_ttm": 0.4, "ocf_ttm": 2.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 73.0, "gm_median": 51.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.3, "roe_median": 5.3, "commodity": false, "hard_ratio": 14.1, "fix_assets": 1.7, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.5, "debt_ratio": 45.0, "debt_mv": null, "payout": 87.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -2.8, "np_yoy": 41.4, "np_vol": null, "loss_years": 0, "far_share": 39.0, "earn_yield": 12.1, "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": 33.3, "ret_20": 5.6, "ret_60": 16.9, "ret_120": 28.8, "ret_250": 31.0, "mdd_250": null, "vol_250": null, "pos_52w": 83.5, "eps": 0.043}, "S": {"duration": 19, "pricing": 58, "hard": 23, "bondness": 73}, "label": "轻资产现金牛", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["固定资产占比 14%,毛利率最新年报 51.1%,经营现金流/市值 73.0%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 51.1%),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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 73.0%(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 51.1%。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 8.3 倍 粗算,约 39%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 31%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 6% / 17% / 29%。", "行业对照": ["同富途行业「包装食品」35 家中位:PE 12.8 / 股息率 0.6% / 毛利率 23.1% / 固定资产占比 18% / 分红率 32%。", "利亚零售:PE 比行业中位低 4.5倍;股息率 比行业中位高 9.9个百分点;毛利率 比行业中位高 28.0个百分点;固定资产占比 比行业中位低 4.3个百分点。"]}}