{"F": {"ts_code": "HK.01766", "name": "中国中车", "mkt": "HK", "ccy": "港元", "sw1": "轨道与列车设备", "sw2": "轨道与列车设备", "sw3": "", "ind": "轨道与列车设备", "fin_source": "futu", "market": "主板", "list_date": "20080821", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.37, "pe_ttm": 9.606, "pb": 0.758, "dv_ttm": 4.93, "total_mv": 15411290.015256, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [21.4], "rev_series": [3036.7], "np_series": [187.9], "roe_series": [7.8], "rev_ttm": 3036.7, "np_ttm": 159.6, "ocf_ttm": 181.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 11.7, "gm_median": 21.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.2, "roe_median": 7.8, "commodity": false, "hard_ratio": 12.5, "fix_assets": 730.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 251.9, "debt_ratio": 60.8, "debt_mv": null, "payout": 47.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 15.8, "np_yoy": 12.8, "np_vol": null, "loss_years": 0, "far_share": 48.0, "earn_yield": 10.4, "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": -6.0, "ret_20": 9.6, "ret_60": 5.4, "ret_120": -0.6, "ret_250": -9.5, "mdd_250": null, "vol_250": null, "pos_52w": 82.7, "eps": 0.508}, "S": {"duration": 21, "pricing": 43, "hard": 20, "bondness": 59}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 47%、股息率 4.9%、最新一年营收增速 15.8%、资产负债率 61%: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 12%,毛利率最新年报 21.4%。", "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 11.7%(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 21.4%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 12%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 9.6 倍 粗算,约 48%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -10%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 10% / 5% / -1%。", "行业对照": ["同富途行业「轨道与列车设备」6 家中位:PE 8.4 / 股息率 5.1% / 毛利率 31.1% / 固定资产占比 13% / 分红率 42%。", "中国中车:PE 比行业中位高 1.2倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 9.7个百分点;固定资产占比 比行业中位低 0.9个百分点。"]}}