{"F": {"ts_code": "HK.00868", "name": "信义玻璃", "mkt": "HK", "ccy": "港元", "sw1": "工业零件及器材", "sw2": "工业零件及器材", "sw3": "", "ind": "工业零件及器材", "fin_source": "futu", "market": "主板", "list_date": "20050203", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.265, "pe_ttm": 12.287, "pb": 0.964, "dv_ttm": 3.94, "total_mv": 4102009.5830690004, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [31.1], "rev_series": [231.6], "np_series": [30.4], "roe_series": [7.8], "rev_ttm": 231.6, "np_ttm": 32.9, "ocf_ttm": 52.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 12.8, "gm_median": 31.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 13.1, "roe_median": 7.8, "commodity": false, "hard_ratio": 38.7, "fix_assets": 203.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 40.2, "debt_ratio": 22.6, "debt_mv": null, "payout": 48.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -2.5, "np_yoy": -15.1, "np_vol": null, "loss_years": 0, "far_share": 59.0, "earn_yield": 8.1, "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": 17.2, "ret_20": 1.6, "ret_60": 0.2, "ret_120": -10.6, "ret_250": 14.9, "mdd_250": null, "vol_250": null, "pos_52w": 77.3, "eps": 0.682}, "S": {"duration": 26, "pricing": 48, "hard": 62, "bondness": 53}, "label": "钱的替代品", "tags": ["现金流红利"], "text": {"像什么": ["硬资产:固定资产 203 亿,占总资产 39%,重置成本随通胀上升。", "定价权:毛利率最新年报 31.1%。", "当期现金流:经营现金流/市值 12.8%,股息率 3.9%,估值里 5 年后的故事约占 59%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 39%)和定价权(毛利率 31.1% 且稳定)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 12.8%(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 31.1%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 39%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.3 倍 粗算,约 59%(1 − 5/PE)。中等。"]], "价格行为": "近一年 15%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 2% / 0% / -11%。 钱的替代品是体制切换的 β:过去一年没动,若信号亮起弹性在这。", "行业对照": ["同富途行业「工业零件及器材」73 家中位:PE 15.3 / 股息率 0.0% / 毛利率 24.2% / 固定资产占比 16% / 分红率 25%。", "信义玻璃:PE 比行业中位低 3.0倍;股息率 比行业中位高 3.9个百分点;毛利率 比行业中位高 6.9个百分点;固定资产占比 比行业中位高 22.3个百分点。"]}}