{"F": {"ts_code": "HK.02555", "name": "茶百道", "mkt": "HK", "ccy": "港元", "sw1": "非酒精饮料", "sw2": "非酒精饮料", "sw3": "", "ind": "非酒精饮料", "fin_source": "futu", "market": "主板", "list_date": "20240423", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.27, "pe_ttm": 6.724, "pb": 1.407, "dv_ttm": 9.44, "total_mv": 630949.82475, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [32.5], "rev_series": [60.0], "np_series": [9.1], "roe_series": [20.7], "rev_ttm": 60.0, "np_ttm": 9.3, "ocf_ttm": 4.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 7.1, "gm_median": 32.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 15.2, "roe_median": 20.7, "commodity": false, "hard_ratio": 4.1, "fix_assets": 2.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 11.1, "debt_ratio": 16.8, "debt_mv": null, "payout": 63.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 14.7, "np_yoy": 79.0, "np_vol": null, "loss_years": 0, "far_share": 26.0, "earn_yield": 14.9, "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": -33.0, "ret_20": -10.5, "ret_60": -17.4, "ret_120": -20.4, "ret_250": -49.6, "mdd_250": null, "vol_250": null, "pos_52w": 48.8, "eps": 0.603}, "S": {"duration": 15, "pricing": 48, "hard": 7, "bondness": 65}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 63%、股息率 9.4%、最新一年营收增速 14.7%、资产负债率 17%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 32.5%),硬资产占比 4%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 7.1%(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 32.5%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 4%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.7 倍 粗算,约 26%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -50%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -10% / -17% / -20%。", "行业对照": ["同富途行业「非酒精饮料」21 家中位:PE 13.3 / 股息率 2.7% / 毛利率 37.1% / 固定资产占比 22% / 分红率 60%。", "茶百道:PE 比行业中位低 6.6倍;股息率 比行业中位高 6.7个百分点;毛利率 比行业中位低 4.6个百分点;固定资产占比 比行业中位低 17.7个百分点。"]}}