{"F": {"ts_code": "HK.01999", "name": "敏华控股", "mkt": "HK", "ccy": "港元", "sw1": "家具", "sw2": "家具", "sw3": "", "ind": "家具", "fin_source": "futu", "market": "主板", "list_date": "20100409", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.055, "pe_ttm": 6.472, "pb": 0.828, "dv_ttm": 7.89, "total_mv": 1174327.0916, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [39.4], "rev_series": [164.3], "np_series": [19.0], "roe_series": [13.5], "rev_ttm": 164.3, "np_ttm": 18.1, "ocf_ttm": 23.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 20.3, "gm_median": 39.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 11.6, "roe_median": 13.5, "commodity": false, "hard_ratio": 35.4, "fix_assets": 75.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 24.4, "debt_ratio": 32.2, "debt_mv": null, "payout": 51.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -2.8, "np_yoy": -11.7, "np_vol": null, "loss_years": 0, "far_share": 23.0, "earn_yield": 15.5, "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": -31.8, "ret_20": -2.2, "ret_60": -12.7, "ret_120": -30.9, "ret_250": -29.8, "mdd_250": null, "vol_250": null, "pos_52w": 59.8, "eps": 0.472}, "S": {"duration": 15, "pricing": 52, "hard": 57, "bondness": 61}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 51%、股息率 7.9%、最新一年营收增速 -2.8%、资产负债率 32%: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 39.4% 两条都占,但所在行业(家具)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 20.3%(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 39.4%。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 6.5 倍 粗算,约 23%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -30%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -2% / -13% / -31%。", "行业对照": ["同富途行业「家具」22 家中位:PE 6.9 / 股息率 0.0% / 毛利率 21.5% / 固定资产占比 11% / 分红率 11%。", "敏华控股:PE 比行业中位低 0.4倍;股息率 比行业中位高 7.9个百分点;毛利率 比行业中位高 17.9个百分点;固定资产占比 比行业中位高 24.3个百分点。"]}}