{"F": {"ts_code": "HK.00874", "name": "白云山", "mkt": "HK", "ccy": "港元", "sw1": "中医药", "sw2": "中医药", "sw3": "", "ind": "中医药", "fin_source": "futu", "market": "主板", "list_date": "19971030", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 13.51, "pe_ttm": 7.443, "pb": 0.487, "dv_ttm": 6.39, "total_mv": 2196443.572099, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [16.2], "rev_series": [863.6], "np_series": [34.0], "roe_series": [8.2], "rev_ttm": 863.6, "np_ttm": 29.8, "ocf_ttm": 34.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 15.8, "gm_median": 16.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 3.9, "roe_median": 8.2, "commodity": false, "hard_ratio": 7.4, "fix_assets": 67.4, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 47.6, "debt_ratio": 52.6, "debt_mv": null, "payout": 48.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 8.3, "np_yoy": 6.6, "np_vol": null, "loss_years": 0, "far_share": 33.0, "earn_yield": 13.4, "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": -19.9, "ret_20": -10.7, "ret_60": -8.4, "ret_120": -24.3, "ret_250": -21.3, "mdd_250": null, "vol_250": null, "pos_52w": 69.2, "eps": 2.031}, "S": {"duration": 17, "pricing": 40, "hard": 12, "bondness": 60}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 48%、股息率 6.4%、最新一年营收增速 8.3%、资产负债率 53%: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 7%,毛利率最新年报 16.2%。", "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 15.8%(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 16.2%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 7%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.4 倍 粗算,约 33%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -21%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 -11% / -8% / -24%。", "行业对照": ["同富途行业「中医药」10 家中位:PE 9.6 / 股息率 2.6% / 毛利率 44.2% / 固定资产占比 15% / 分红率 51%。", "白云山:PE 比行业中位低 2.2倍;股息率 比行业中位高 3.8个百分点;毛利率 比行业中位低 28.0个百分点;固定资产占比 比行业中位低 7.7个百分点。"]}}