{"F": {"ts_code": "HK.02232", "name": "晶苑国际", "mkt": "HK", "ccy": "港元", "sw1": "服装", "sw2": "服装", "sw3": "", "ind": "服装", "fin_source": "futu", "market": "主板", "list_date": "20171103", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.105, "pe_ttm": 10.998, "pb": 1.578, "dv_ttm": 5.98, "total_mv": 2026930.031, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [19.9], "rev_series": [205.5], "np_series": [17.5], "roe_series": [14.3], "rev_ttm": 205.5, "np_ttm": 18.3, "ocf_ttm": 8.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 4.2, "gm_median": 19.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 8.5, "roe_median": 14.3, "commodity": false, "hard_ratio": 29.0, "fix_assets": 50.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 22.3, "debt_ratio": 26.2, "debt_mv": null, "payout": 66.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 7.1, "np_yoy": 12.2, "np_vol": null, "loss_years": 0, "far_share": 55.0, "earn_yield": 9.1, "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": 13.2, "ret_20": 9.9, "ret_60": 25.9, "ret_120": 3.8, "ret_250": 14.2, "mdd_250": null, "vol_250": null, "pos_52w": 95.7, "eps": 0.613}, "S": {"duration": 24, "pricing": 42, "hard": 46, "bondness": 66}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 66%、股息率 6.0%、最新一年营收增速 7.1%、资产负债率 26%: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 29%,毛利率最新年报 19.9%。", "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 4.2%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 19.9%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 29%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.0 倍 粗算,约 55%(1 − 5/PE)。中等。"]], "价格行为": "近一年 14%,现价在 52 周高点的 96%;近 20 / 60 / 120 日 10% / 26% / 4%。", "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%。", "晶苑国际:PE 比行业中位高 1.2倍;股息率 比行业中位高 5.8个百分点;毛利率 比行业中位低 4.5个百分点;固定资产占比 比行业中位高 10.6个百分点。"]}}