{"F": {"ts_code": "HK.03828", "name": "明辉国际", "mkt": "HK", "ccy": "港元", "sw1": "个人护理", "sw2": "个人护理", "sw3": "", "ind": "个人护理", "fin_source": "futu", "market": "主板", "list_date": "20071102", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.72, "pe_ttm": 6.26, "pb": 0.373, "dv_ttm": 9.72, "total_mv": 52866.914183999994, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [21.6], "rev_series": [22.4], "np_series": [1.0], "roe_series": [7.5], "rev_ttm": 22.4, "np_ttm": 0.8, "ocf_ttm": 0.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 7.1, "gm_median": 21.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 4.4, "roe_median": 7.5, "commodity": false, "hard_ratio": 19.3, "fix_assets": 3.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 1.2, "debt_ratio": 34.4, "debt_mv": null, "payout": 61.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -3.1, "np_yoy": -29.1, "np_vol": null, "loss_years": 0, "far_share": 20.0, "earn_yield": 16.0, "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": -18.2, "ret_20": -7.7, "ret_60": -8.9, "ret_120": -21.7, "ret_250": -13.3, "mdd_250": null, "vol_250": null, "pos_52w": 72.7, "eps": 0.137}, "S": {"duration": 14, "pricing": 43, "hard": 31, "bondness": 64}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 61%、股息率 9.7%、最新一年营收增速 -3.1%、资产负债率 34%: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 19%,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 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 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 19%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.3 倍 粗算,约 20%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -13%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 -8% / -9% / -22%。", "行业对照": ["同富途行业「个人护理」6 家中位:PE 10.3 / 股息率 2.1% / 毛利率 34.3% / 固定资产占比 21% / 分红率 61%。", "明辉国际:PE 比行业中位低 4.0倍;股息率 比行业中位高 7.6个百分点;毛利率 比行业中位低 12.7个百分点;固定资产占比 比行业中位低 1.5个百分点。"]}}