{"F": {"ts_code": "HK.02360", "name": "优品360", "mkt": "HK", "ccy": "港元", "sw1": "超市及便利店", "sw2": "超市及便利店", "sw3": "", "ind": "超市及便利店", "fin_source": "futu", "market": "主板", "list_date": "20190111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.725, "pe_ttm": 8.023, "pb": 3.031, "dv_ttm": 11.59, "total_mv": 172500.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [36.1], "rev_series": [28.7], "np_series": [2.2], "roe_series": [40.8], "rev_ttm": 28.7, "np_ttm": 2.2, "ocf_ttm": 1.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 10.0, "gm_median": 36.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 7.7, "roe_median": 40.8, "commodity": false, "hard_ratio": 41.6, "fix_assets": 4.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 2.8, "debt_ratio": 50.4, "debt_mv": null, "payout": 93.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 2.2, "np_yoy": -10.6, "np_vol": null, "loss_years": 0, "far_share": 38.0, "earn_yield": 12.5, "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": -11.5, "ret_20": 6.8, "ret_60": 4.5, "ret_120": -7.8, "ret_250": -14.6, "mdd_250": null, "vol_250": null, "pos_52w": 82.1, "eps": 0.22}, "S": {"duration": 18, "pricing": 50, "hard": 67, "bondness": 76}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 93%、股息率 11.6%、最新一年营收增速 2.2%、资产负债率 50%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 42%、毛利率 36.1% 两条都占,但所在行业(超市及便利店)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 10.0%(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 36.1%。能。"], ["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 8.0 倍 粗算,约 38%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -15%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 7% / 4% / -8%。", "行业对照": ["同富途行业「超市及便利店」9 家中位:PE 8.4 / 股息率 0.0% / 毛利率 23.8% / 固定资产占比 18% / 分红率 93%。", "优品360:PE 比行业中位低 0.4倍;股息率 比行业中位高 11.6个百分点;毛利率 比行业中位高 12.3个百分点;固定资产占比 比行业中位高 23.3个百分点。"]}}