{"F": {"ts_code": "HK.02313", "name": "申洲国际", "mkt": "HK", "ccy": "港元", "sw1": "服装", "sw2": "服装", "sw3": "", "ind": "服装", "fin_source": "futu", "market": "主板", "list_date": "20051124", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 37.16, "pe_ttm": 10.653, "pb": 1.299, "dv_ttm": 6.94, "total_mv": 5584538.564851999, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [26.3], "rev_series": [344.7], "np_series": [64.8], "roe_series": [16.1], "rev_ttm": 344.7, "np_ttm": 52.0, "ocf_ttm": 32.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 5.8, "gm_median": 26.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 18.8, "roe_median": 16.1, "commodity": false, "hard_ratio": 20.4, "fix_assets": 123.2, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 77.9, "debt_ratio": 34.2, "debt_mv": null, "payout": 74.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 13.0, "np_yoy": -2.4, "np_vol": null, "loss_years": 0, "far_share": 53.0, "earn_yield": 9.4, "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": -38.1, "ret_20": -13.2, "ret_60": -14.8, "ret_120": -31.8, "ret_250": -32.9, "mdd_250": null, "vol_250": null, "pos_52w": 51.8, "eps": 4.292}, "S": {"duration": 23, "pricing": 45, "hard": 33, "bondness": 69}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 74%、股息率 6.9%、最新一年营收增速 13.0%、资产负债率 34%: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 20%,毛利率最新年报 26.3%。", "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 5.8%(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 26.3%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 20%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.7 倍 粗算,约 53%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -33%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -13% / -15% / -32%。", "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%。", "申洲国际:PE 比行业中位高 0.9倍;股息率 比行业中位高 6.7个百分点;毛利率 比行业中位高 1.9个百分点;固定资产占比 比行业中位高 2.0个百分点。"]}}