{"F": {"ts_code": "HK.01910", "name": "新秀丽", "mkt": "HK", "ccy": "港元", "sw1": "其他服饰配件", "sw2": "其他服饰配件", "sw3": "", "ind": "其他服饰配件", "fin_source": "futu", "market": "主板", "list_date": "20110616", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.51, "pe_ttm": 8.312, "pb": 1.442, "dv_ttm": 6.4, "total_mv": 1706108.146731, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [59.6], "rev_series": [272.1], "np_series": [24.3], "roe_series": [18.8], "rev_ttm": 272.1, "np_ttm": 20.3, "ocf_ttm": 46.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 27.0, "gm_median": 59.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 8.9, "roe_median": 18.8, "commodity": false, "hard_ratio": 5.4, "fix_assets": 21.7, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 42.9, "debt_ratio": 67.6, "debt_mv": null, "payout": 53.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -2.4, "np_yoy": -16.0, "np_vol": null, "loss_years": 0, "far_share": 40.0, "earn_yield": 12.0, "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": -34.5, "ret_20": -9.9, "ret_60": -7.2, "ret_120": -23.3, "ret_250": -22.4, "mdd_250": null, "vol_250": null, "pos_52w": 59.1, "eps": 1.649}, "S": {"duration": 19, "pricing": 62, "hard": 9, "bondness": 62}, "label": "定价权·品牌", "tags": ["轻资产现金牛", "现金流红利", "股息率≥4%"], "text": {"像什么": ["没有硬资产(固定资产占比 5%)但有定价权:毛利率最新年报 59.6%、ROE 最新年报 18.8%。", "经营现金流/市值 27.0%,分红率 53%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 59.6%),硬资产占比 5%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 27.0%(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 59.6%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 5%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.3 倍 粗算,约 40%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -22%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -10% / -7% / -23%。", "行业对照": ["同富途行业「其他服饰配件」18 家中位:PE 8.6 / 股息率 0.0% / 毛利率 23.8% / 固定资产占比 10% / 分红率 54%。", "新秀丽:PE 比行业中位低 0.3倍;股息率 比行业中位高 6.4个百分点;毛利率 比行业中位高 35.8个百分点;固定资产占比 比行业中位低 4.7个百分点。"]}}