{"F": {"ts_code": "HK.01579", "name": "颐海国际", "mkt": "HK", "ccy": "港元", "sw1": "食品添加剂", "sw2": "食品添加剂", "sw3": "", "ind": "食品添加剂", "fin_source": "futu", "market": "主板", "list_date": "20160713", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.29, "pe_ttm": 14.96, "pb": 2.987, "dv_ttm": 3.9, "total_mv": 1585114.3, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [32.7], "rev_series": [73.5], "np_series": [10.0], "roe_series": [18.5], "rev_ttm": 73.5, "np_ttm": 10.4, "ocf_ttm": 8.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 5.1, "gm_median": 32.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 13.7, "roe_median": 18.5, "commodity": false, "hard_ratio": 34.7, "fix_assets": 22.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 14.2, "debt_ratio": 16.7, "debt_mv": null, "payout": 58.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 5.7, "np_yoy": 18.1, "np_vol": null, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.7, "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": 27.4, "ret_20": 2.9, "ret_60": 11.4, "ret_120": 1.2, "ret_250": 19.1, "mdd_250": null, "vol_250": null, "pos_52w": 90.4, "eps": 0.912}, "S": {"duration": 31, "pricing": 48, "hard": 56, "bondness": 57}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 58%、股息率 3.9%、最新一年营收增速 5.7%、资产负债率 17%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 35%、毛利率 32.7% 两条都占,但所在行业(食品添加剂)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 5.1%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 32.7%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 35%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.0 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 19%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 3% / 11% / 1%。", "行业对照": ["同富途行业「食品添加剂」12 家中位:PE 15.0 / 股息率 2.4% / 毛利率 20.5% / 固定资产占比 32% / 分红率 93%。", "颐海国际:PE 与行业中位持平;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位高 12.2个百分点;固定资产占比 比行业中位高 3.0个百分点。"]}}