{"F": {"ts_code": "HK.02386", "name": "中石化炼化工程", "mkt": "HK", "ccy": "港元", "sw1": "油气设备与服务", "sw2": "油气设备与服务", "sw3": "", "ind": "油气设备与服务", "fin_source": "futu", "market": "主板", "list_date": "20130523", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.605, "pe_ttm": 13.805, "pb": 0.669, "dv_ttm": 4.09, "total_mv": 2462850.452, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [7.4], "rev_series": [779.3], "np_series": [20.1], "roe_series": [5.8], "rev_ttm": 779.3, "np_ttm": 17.9, "ocf_ttm": 43.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 17.8, "gm_median": 7.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.6, "roe_median": 5.8, "commodity": false, "hard_ratio": 5.2, "fix_assets": 49.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 25.7, "debt_ratio": 65.1, "debt_mv": null, "payout": 56.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 14.1, "np_yoy": -23.6, "np_vol": null, "loss_years": 0, "far_share": 64.0, "earn_yield": 7.2, "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": -24.6, "ret_20": 8.0, "ret_60": 6.0, "ret_120": -26.4, "ret_250": -14.8, "mdd_250": null, "vol_250": null, "pos_52w": 69.9, "eps": 0.453}, "S": {"duration": 29, "pricing": 36, "hard": 8, "bondness": 57}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 56%、股息率 4.1%、最新一年营收增速 14.1%、资产负债率 65%: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 5%,毛利率最新年报 7.4%。", "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 17.8%(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 7.4%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 5%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.8 倍 粗算,约 64%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -15%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 8% / 6% / -26%。", "行业对照": ["同富途行业「油气设备与服务」20 家中位:PE 12.9 / 股息率 0.0% / 毛利率 22.7% / 固定资产占比 16% / 分红率 0%。", "中石化炼化工程:PE 比行业中位高 0.9倍;股息率 比行业中位高 4.1个百分点;毛利率 比行业中位低 15.3个百分点;固定资产占比 比行业中位低 10.3个百分点。"]}}