{"F": {"ts_code": "HK.03969", "name": "中国通号", "mkt": "HK", "ccy": "港元", "sw1": "轨道与列车设备", "sw2": "轨道与列车设备", "sw3": "", "ind": "轨道与列车设备", "fin_source": "futu", "market": "主板", "list_date": "20150807", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.175, "pe_ttm": 8.246, "pb": 0.621, "dv_ttm": 6.17, "total_mv": 3362267.5325, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [28.9], "rev_series": [385.6], "np_series": [47.2], "roe_series": [7.6], "rev_ttm": 385.6, "np_ttm": 40.3, "ocf_ttm": 24.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 7.3, "gm_median": 28.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 12.3, "roe_median": 7.6, "commodity": false, "hard_ratio": 4.2, "fix_assets": 54.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 59.5, "debt_ratio": 55.7, "debt_mv": null, "payout": 51.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 11.1, "np_yoy": 9.1, "np_vol": null, "loss_years": 0, "far_share": 39.0, "earn_yield": 12.1, "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": 1.3, "ret_20": -1.4, "ret_60": 0.0, "ret_120": -14.3, "ret_250": -4.2, "mdd_250": null, "vol_250": null, "pos_52w": 84.6, "eps": 0.385}, "S": {"duration": 19, "pricing": 46, "hard": 7, "bondness": 61}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 51%、股息率 6.2%、最新一年营收增速 11.1%、资产负债率 56%: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 4%,毛利率最新年报 28.9%。", "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 7.3%(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 28.9%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 4%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.2 倍 粗算,约 39%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -4%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 -1% / 0% / -14%。", "行业对照": ["同富途行业「轨道与列车设备」6 家中位:PE 8.4 / 股息率 5.1% / 毛利率 31.1% / 固定资产占比 13% / 分红率 42%。", "中国通号:PE 比行业中位低 0.2倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位低 2.2个百分点;固定资产占比 比行业中位低 9.2个百分点。"]}}