{"F": {"ts_code": "HK.02490", "name": "乐舱物流", "mkt": "HK", "ccy": "港元", "sw1": "航运及港口", "sw2": "航运及港口", "sw3": "", "ind": "航运及港口", "fin_source": "futu", "market": "主板", "list_date": "20230925", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.39, "pe_ttm": 12.614, "pb": 1.47, "dv_ttm": 5.31, "total_mv": 269849.74936799996, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [9.3], "rev_series": [20.8], "np_series": [1.8], "roe_series": [9.3], "rev_ttm": 20.8, "np_ttm": 2.2, "ocf_ttm": 1.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.4, "gm_median": 9.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 8.5, "roe_median": 9.3, "commodity": false, "hard_ratio": 21.7, "fix_assets": 4.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 1.8, "debt_ratio": 18.1, "debt_mv": null, "payout": 67.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 0.6, "np_yoy": -58.3, "np_vol": null, "loss_years": 0, "far_share": 60.0, "earn_yield": 7.9, "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": 4.5, "ret_20": -8.2, "ret_60": 9.5, "ret_120": -22.2, "ret_250": -44.8, "mdd_250": null, "vol_250": null, "pos_52w": 52.6, "eps": 0.249}, "S": {"duration": 27, "pricing": 37, "hard": 35, "bondness": 66}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 67%、股息率 5.3%、最新一年营收增速 0.6%、资产负债率 18%: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 22%,毛利率最新年报 9.3%。", "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 6.4%(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 9.3%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 22%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.6 倍 粗算,约 60%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -45%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -8% / 10% / -22%。", "行业对照": ["同富途行业「航运及港口」30 家中位:PE 8.9 / 股息率 4.3% / 毛利率 19.9% / 固定资产占比 41% / 分红率 34%。", "乐舱物流:PE 比行业中位高 3.7倍;股息率 比行业中位高 1.0个百分点;毛利率 比行业中位低 10.6个百分点;固定资产占比 比行业中位低 19.0个百分点。"]}}