{"F": {"ts_code": "HK.02102", "name": "德利机械", "mkt": "HK", "ccy": "港元", "sw1": "重型机械", "sw2": "重型机械", "sw3": "", "ind": "重型机械", "fin_source": "futu", "market": "主板", "list_date": "20170727", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.325, "pe_ttm": 11.607, "pb": 0.747, "dv_ttm": 10.77, "total_mv": 32500.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [20.5], "rev_series": [3.3], "np_series": [0.3], "roe_series": [6.4], "rev_ttm": 3.3, "np_ttm": 0.3, "ocf_ttm": 0.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 20.1, "gm_median": 20.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 8.5, "roe_median": 6.4, "commodity": false, "hard_ratio": 29.9, "fix_assets": 1.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.3, "debt_ratio": 10.0, "debt_mv": null, "payout": 125.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 18.4, "np_yoy": 297.4, "np_vol": null, "loss_years": 0, "far_share": 57.0, "earn_yield": 8.6, "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": 8.3, "ret_60": 16.1, "ret_120": 16.1, "ret_250": 83.6, "mdd_250": null, "vol_250": null, "pos_52w": 90.3, "eps": 0.028}, "S": {"duration": 25, "pricing": 42, "hard": 48, "bondness": 78}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 125%、股息率 10.8%、最新一年营收增速 18.4%、资产负债率 10%: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 30%,毛利率最新年报 20.5%。", "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 20.1%(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 20.5%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 30%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.6 倍 粗算,约 57%(1 − 5/PE)。中等。"]], "价格行为": "近一年 84%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 8% / 16% / 16%。", "行业对照": ["同富途行业「重型机械」17 家中位:PE 12.7 / 股息率 1.0% / 毛利率 24.2% / 固定资产占比 16% / 分红率 32%。", "德利机械:PE 比行业中位低 1.1倍;股息率 比行业中位高 9.8个百分点;毛利率 比行业中位低 3.7个百分点;固定资产占比 比行业中位高 14.0个百分点。"]}}