{"F": {"ts_code": "HK.01044", "name": "恒安国际", "mkt": "HK", "ccy": "港元", "sw1": "个人护理", "sw2": "个人护理", "sw3": "", "ind": "个人护理", "fin_source": "futu", "market": "主板", "list_date": "19981208", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 21.24, "pe_ttm": 8.82, "pb": 0.972, "dv_ttm": 7.54, "total_mv": 2453901.627708, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [33.8], "rev_series": [256.5], "np_series": [28.2], "roe_series": [12.0], "rev_ttm": 256.5, "np_ttm": 27.6, "ocf_ttm": 25.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 10.3, "gm_median": 33.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 11.0, "roe_median": 12.0, "commodity": false, "hard_ratio": 21.0, "fix_assets": 95.7, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 40.1, "debt_ratio": 49.1, "debt_mv": null, "payout": 67.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 6.4, "np_yoy": 15.3, "np_vol": null, "loss_years": 0, "far_share": 43.0, "earn_yield": 11.3, "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": -19.2, "ret_20": -7.2, "ret_60": -13.6, "ret_120": -20.6, "ret_250": -5.3, "mdd_250": null, "vol_250": null, "pos_52w": 74.9, "eps": 2.429}, "S": {"duration": 20, "pricing": 49, "hard": 34, "bondness": 66}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 67%、股息率 7.5%、最新一年营收增速 6.4%、资产负债率 49%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 33.8%),硬资产占比 21%。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": "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 10.3%(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 33.8%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 21%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.8 倍 粗算,约 43%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -5%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 -7% / -14% / -21%。", "行业对照": ["同富途行业「个人护理」6 家中位:PE 10.3 / 股息率 2.1% / 毛利率 34.3% / 固定资产占比 21% / 分红率 61%。", "恒安国际:PE 比行业中位低 1.5倍;股息率 比行业中位高 5.4个百分点;毛利率 比行业中位低 0.5个百分点;固定资产占比 比行业中位高 0.2个百分点。"]}}