{"F": {"ts_code": "HK.02648", "name": "安井食品", "mkt": "HK", "ccy": "港元", "sw1": "包装食品", "sw2": "包装食品", "sw3": "", "ind": "包装食品", "fin_source": "futu", "market": "主板", "list_date": "20250704", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 63.0, "pe_ttm": 12.115, "pb": 1.151, "dv_ttm": 5.8, "total_mv": 2099720.2716, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [21.6], "rev_series": [180.1], "np_series": [15.2], "roe_series": [9.7], "rev_ttm": 180.1, "np_ttm": 17.2, "ocf_ttm": 33.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 15.8, "gm_median": 21.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 8.5, "roe_median": 9.7, "commodity": false, "hard_ratio": 27.7, "fix_assets": 58.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 23.0, "debt_ratio": 23.4, "debt_mv": null, "payout": 70.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 11.9, "np_yoy": -5.4, "np_vol": null, "loss_years": 0, "far_share": 59.0, "earn_yield": 8.3, "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": 0.8, "ret_20": -7.8, "ret_60": -11.9, "ret_120": -15.3, "ret_250": 15.7, "mdd_250": null, "vol_250": null, "pos_52w": 69.7, "eps": 4.515}, "S": {"duration": 26, "pricing": 43, "hard": 44, "bondness": 68}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 70%、股息率 5.8%、最新一年营收增速 11.9%、资产负债率 23%: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 28%,毛利率最新年报 21.6%。", "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 15.8%(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 21.6%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 28%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.1 倍 粗算,约 59%(1 − 5/PE)。中等。"]], "价格行为": "近一年 16%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -8% / -12% / -15%。", "行业对照": ["同富途行业「包装食品」35 家中位:PE 12.8 / 股息率 0.6% / 毛利率 23.1% / 固定资产占比 18% / 分红率 32%。", "安井食品:PE 比行业中位低 0.7倍;股息率 比行业中位高 5.2个百分点;毛利率 比行业中位低 1.5个百分点;固定资产占比 比行业中位高 9.3个百分点。"]}}