{"F": {"ts_code": "HK.01451", "name": "万成集团股份", "mkt": "HK", "ccy": "港元", "sw1": "印刷及包装", "sw2": "印刷及包装", "sw3": "", "ind": "印刷及包装", "fin_source": "futu", "market": "主板", "list_date": "20180601", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.24, "pe_ttm": 77.5, "pb": 1.34, "dv_ttm": 12.1, "total_mv": 25345.6, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [26.1], "rev_series": [2.9], "np_series": [0.3], "roe_series": [12.8], "rev_ttm": 2.9, "np_ttm": 0.0, "ocf_ttm": 0.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 14.0, "gm_median": 26.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.1, "roe_median": 12.8, "commodity": false, "hard_ratio": 13.4, "fix_assets": 0.4, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.3, "debt_ratio": 30.5, "debt_mv": null, "payout": 938.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -30.8, "np_yoy": -46.3, "np_vol": null, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.3, "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": 0.8, "ret_20": 0.0, "ret_60": 15.9, "ret_120": -4.6, "ret_250": 59.0, "mdd_250": null, "vol_250": null, "pos_52w": 52.8, "eps": 0.13}, "S": {"duration": 86, "pricing": 45, "hard": 21, "bondness": 78}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 938%、股息率 12.1%、最新一年营收增速 -30.8%、资产负债率 30%: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 13%,毛利率最新年报 26.1%。", "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 14.0%(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 26.1%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 13%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 77.5 倍 粗算,约 94%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 59%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 0% / 16% / -5%。", "行业对照": ["同富途行业「印刷及包装」28 家中位:PE 22.6 / 股息率 0.0% / 毛利率 25.1% / 固定资产占比 19% / 分红率 0%。", "万成集团股份:PE 比行业中位高 54.9倍;股息率 比行业中位高 12.1个百分点;毛利率 比行业中位高 1.0个百分点;固定资产占比 比行业中位低 5.2个百分点。"]}}