{"F": {"ts_code": "HK.01585", "name": "雅迪控股", "mkt": "HK", "ccy": "港元", "sw1": "摩托车及其他", "sw2": "摩托车及其他", "sw3": "", "ind": "摩托车及其他", "fin_source": "futu", "market": "主板", "list_date": "20160519", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.11, "pe_ttm": 10.0, "pb": 2.389, "dv_ttm": 5.82, "total_mv": 2835621.684834, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [19.1], "rev_series": [411.6], "np_series": [32.4], "roe_series": [30.6], "rev_ttm": 411.6, "np_ttm": 28.2, "ocf_ttm": 33.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 11.9, "gm_median": 19.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 7.9, "roe_median": 30.6, "commodity": false, "hard_ratio": 18.6, "fix_assets": 56.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 40.5, "debt_ratio": 65.1, "debt_mv": null, "payout": 58.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 37.0, "np_yoy": 139.2, "np_vol": null, "loss_years": 0, "far_share": 50.0, "earn_yield": 10.0, "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": -16.0, "ret_20": -8.7, "ret_60": -13.7, "ret_120": -12.9, "ret_250": -30.5, "mdd_250": null, "vol_250": null, "pos_52w": 62.9, "eps": 1.036}, "S": {"duration": 22, "pricing": 42, "hard": 30, "bondness": 63}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 58%、股息率 5.8%、最新一年营收增速 37.0%、资产负债率 65%: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 19%,毛利率最新年报 19.1%。", "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 11.9%(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 19.1%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 19%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.0 倍 粗算,约 50%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -30%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -9% / -14% / -13%。", "行业对照": ["同富途行业「摩托车及其他」3 家中位:PE 10.0 / 股息率 0.0% / 毛利率 13.8% / 固定资产占比 23% / 分红率 0%。", "雅迪控股: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 5.3个百分点;固定资产占比 比行业中位低 4.3个百分点。"]}}