{"F": {"ts_code": "HK.02683", "name": "华新手袋国际控股", "mkt": "HK", "ccy": "港元", "sw1": "其他服饰配件", "sw2": "其他服饰配件", "sw3": "", "ind": "其他服饰配件", "fin_source": "futu", "market": "主板", "list_date": "20180122", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.095, "pe_ttm": 5.189, "pb": 1.346, "dv_ttm": 10.96, "total_mv": 44744.547, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [23.6], "rev_series": [8.5], "np_series": [0.9], "roe_series": [27.5], "rev_ttm": 8.5, "np_ttm": 0.9, "ocf_ttm": 0.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 11.2, "gm_median": 23.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 10.6, "roe_median": 27.5, "commodity": false, "hard_ratio": 9.4, "fix_assets": 0.4, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 1.2, "debt_ratio": 29.8, "debt_mv": null, "payout": 57.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 17.3, "np_yoy": 35.1, "np_vol": null, "loss_years": 0, "far_share": 4.0, "earn_yield": 19.3, "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": -7.2, "ret_20": -1.4, "ret_60": -6.4, "ret_120": -14.5, "ret_250": 58.7, "mdd_250": null, "vol_250": null, "pos_52w": 83.0, "eps": 0.211}, "S": {"duration": 12, "pricing": 44, "hard": 15, "bondness": 63}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 57%、股息率 11.0%、最新一年营收增速 17.3%、资产负债率 30%: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 9%,毛利率最新年报 23.6%。", "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 11.2%(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 23.6%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 9%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.2 倍 粗算,约 4%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 59%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 -1% / -6% / -14%。", "行业对照": ["同富途行业「其他服饰配件」18 家中位:PE 8.6 / 股息率 0.0% / 毛利率 23.8% / 固定资产占比 10% / 分红率 54%。", "华新手袋国际控股:PE 比行业中位低 3.4倍;股息率 比行业中位高 11.0个百分点;毛利率 比行业中位低 0.2个百分点;固定资产占比 比行业中位低 0.7个百分点。"]}}