{"F": {"ts_code": "HK.03838", "name": "中国淀粉", "mkt": "HK", "ccy": "港元", "sw1": "农产品", "sw2": "农产品", "sw3": "", "ind": "农产品", "fin_source": "futu", "market": "主板", "list_date": "20070927", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.165, "pe_ttm": 41.25, "pb": 0.199, "dv_ttm": 6.06, "total_mv": 95350.3987095, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [5.4], "rev_series": [111.9], "np_series": [2.6], "roe_series": [4.5], "rev_ttm": 111.9, "np_ttm": 0.2, "ocf_ttm": 4.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 44.6, "gm_median": 5.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.4, "roe_median": 4.5, "commodity": false, "hard_ratio": 29.5, "fix_assets": 22.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 3.5, "debt_ratio": 31.8, "debt_mv": null, "payout": 250.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -7.9, "np_yoy": -60.3, "np_vol": null, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "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": -3.1, "ret_20": 3.8, "ret_60": -1.8, "ret_120": -0.7, "ret_250": -13.7, "mdd_250": null, "vol_250": null, "pos_52w": 83.7, "eps": 0.035}, "S": {"duration": 64, "pricing": 35, "hard": 47, "bondness": 78}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 250%、股息率 6.1%、最新一年营收增速 -7.9%、资产负债率 32%: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 30%,毛利率最新年报 5.4%。", "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 44.6%(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 5.4%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 30%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.2 倍 粗算,约 88%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -14%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 4% / -2% / -1%。", "行业对照": ["同富途行业「农产品」12 家中位:PE 9.1 / 股息率 0.0% / 毛利率 18.3% / 固定资产占比 20% / 分红率 40%。", "中国淀粉:PE 比行业中位高 32.1倍;股息率 比行业中位高 6.1个百分点;毛利率 比行业中位低 12.9个百分点;固定资产占比 比行业中位高 9.9个百分点。"]}}