{"F": {"ts_code": "HK.03606", "name": "福耀玻璃", "mkt": "HK", "ccy": "港元", "sw1": "汽车零件", "sw2": "汽车零件", "sw3": "", "ind": "汽车零件", "fin_source": "futu", "market": "主板", "list_date": "20150331", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 56.35, "pe_ttm": 15.066, "pb": 3.345, "dv_ttm": 4.18, "total_mv": 14705904.80282, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [36.8], "rev_series": [509.2], "np_series": [103.6], "roe_series": [25.7], "rev_ttm": 509.2, "np_ttm": 96.8, "ocf_ttm": 128.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 8.7, "gm_median": 36.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 20.3, "roe_median": 25.7, "commodity": false, "hard_ratio": 38.2, "fix_assets": 280.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 127.7, "debt_ratio": 46.4, "debt_mv": null, "payout": 63.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 21.9, "np_yoy": 29.8, "np_vol": null, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.6, "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": -14.4, "ret_20": 0.6, "ret_60": 4.0, "ret_120": -7.1, "ret_250": -15.4, "mdd_250": null, "vol_250": null, "pos_52w": 67.4, "eps": 3.95}, "S": {"duration": 31, "pricing": 50, "hard": 61, "bondness": 60}, "label": "钱的替代品", "tags": ["成长兑现", "现金流红利", "股息率≥4%"], "text": {"像什么": ["硬资产:固定资产 280 亿,占总资产 38%,重置成本随通胀上升。", "定价权:毛利率最新年报 36.8%。", "当期现金流:经营现金流/市值 8.7%,股息率 4.2%,估值里 5 年后的故事约占 67%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 38%)和定价权(毛利率 36.8% 且稳定)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 8.7%(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 36.8%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 38%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.1 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -15%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 1% / 4% / -7%。 钱的替代品是体制切换的 β:过去一年没动,若信号亮起弹性在这。", "行业对照": ["同富途行业「汽车零件」28 家中位:PE 12.3 / 股息率 1.5% / 毛利率 18.1% / 固定资产占比 21% / 分红率 32%。", "福耀玻璃:PE 比行业中位高 2.8倍;股息率 比行业中位高 2.7个百分点;毛利率 比行业中位高 18.7个百分点;固定资产占比 比行业中位高 17.4个百分点。"]}}