{"F": {"ts_code": "HK.00914", "name": "海螺水泥", "mkt": "HK", "ccy": "港元", "sw1": "建筑材料", "sw2": "建筑材料", "sw3": "", "ind": "建筑材料", "fin_source": "futu", "market": "主板", "list_date": "19971021", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 16.66, "pe_ttm": 11.707, "pb": 0.398, "dv_ttm": 5.82, "total_mv": 8771315.143304, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [23.0], "rev_series": [917.8], "np_series": [91.4], "roe_series": [4.5], "rev_ttm": 917.8, "np_ttm": 74.3, "ocf_ttm": 89.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 10.1, "gm_median": 23.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 10.0, "roe_median": 4.5, "commodity": false, "hard_ratio": 42.3, "fix_assets": 1185.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 137.2, "debt_ratio": 20.4, "debt_mv": null, "payout": 68.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -5.2, "np_yoy": 7.1, "np_vol": null, "loss_years": 0, "far_share": 57.0, "earn_yield": 8.5, "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": -22.1, "ret_20": -7.0, "ret_60": -8.2, "ret_120": -25.2, "ret_250": -27.4, "mdd_250": null, "vol_250": null, "pos_52w": 63.0, "eps": 1.78}, "S": {"duration": 25, "pricing": 44, "hard": 68, "bondness": 67}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 68%、股息率 5.8%、最新一年营收增速 -5.2%、资产负债率 20%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 42%),没有定价权:毛利率最新年报 23.0%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 10.1%(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 23.0%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 42%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.7 倍 粗算,约 57%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -27%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -7% / -8% / -25%。", "行业对照": ["同富途行业「建筑材料」30 家中位:PE 11.7 / 股息率 0.0% / 毛利率 16.6% / 固定资产占比 25% / 分红率 32%。", "海螺水泥:PE 与行业中位持平;股息率 比行业中位高 5.8个百分点;毛利率 比行业中位高 6.4个百分点;固定资产占比 比行业中位高 17.1个百分点。"]}}