{"F": {"ts_code": "HK.02199", "name": "维珍妮", "mkt": "HK", "ccy": "港元", "sw1": "服装", "sw2": "服装", "sw3": "", "ind": "服装", "fin_source": "futu", "market": "主板", "list_date": "20151008", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.725, "pe_ttm": 11.796, "pb": 1.074, "dv_ttm": 3.93, "total_mv": 333608.125, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [22.5], "rev_series": [77.2], "np_series": [2.8], "roe_series": [9.0], "rev_ttm": 77.2, "np_ttm": 2.8, "ocf_ttm": 9.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 27.7, "gm_median": 22.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 3.7, "roe_median": 9.0, "commodity": false, "hard_ratio": 42.3, "fix_assets": 37.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 6.6, "debt_ratio": 64.3, "debt_mv": null, "payout": 46.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -1.6, "np_yoy": 53.9, "np_vol": null, "loss_years": 0, "far_share": 58.0, "earn_yield": 8.5, "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": 10.3, "ret_20": 19.0, "ret_60": 45.7, "ret_120": 25.0, "ret_250": 62.2, "mdd_250": null, "vol_250": null, "pos_52w": 99.1, "eps": 0.231}, "S": {"duration": 26, "pricing": 43, "hard": 68, "bondness": 53}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 46%、股息率 3.9%、最新一年营收增速 -1.6%、资产负债率 64%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 42%),没有定价权:毛利率最新年报 22.5%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 27.7%(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 22.5%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 42%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.8 倍 粗算,约 58%(1 − 5/PE)。中等。"]], "价格行为": "近一年 62%,现价在 52 周高点的 99%;近 20 / 60 / 120 日 19% / 46% / 25%。", "行业对照": ["同富途行业「服装」46 家中位:PE 9.8 / 股息率 0.2% / 毛利率 24.4% / 固定资产占比 18% / 分红率 42%。", "维珍妮:PE 比行业中位高 2.0倍;股息率 比行业中位高 3.7个百分点;毛利率 比行业中位低 1.9个百分点;固定资产占比 比行业中位高 23.9个百分点。"]}}