{"F": {"ts_code": "HK.06038", "name": "信越控股", "mkt": "HK", "ccy": "港元", "sw1": "楼宇建造", "sw2": "楼宇建造", "sw3": "", "ind": "楼宇建造", "fin_source": "futu", "market": "主板", "list_date": "20170613", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.435, "pe_ttm": 11.153, "pb": 1.363, "dv_ttm": 8.05, "total_mv": 43630.5, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [26.3], "rev_series": [3.8], "np_series": [0.6], "roe_series": [19.3], "rev_ttm": 3.8, "np_ttm": 0.4, "ocf_ttm": 0.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 2.4, "gm_median": 26.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 14.6, "roe_median": 19.3, "commodity": false, "hard_ratio": 0.7, "fix_assets": 0.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.7, "debt_ratio": 38.3, "debt_mv": null, "payout": 90.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -11.4, "np_yoy": 28.7, "np_vol": null, "loss_years": 0, "far_share": 55.0, "earn_yield": 9.0, "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": 29.9, "ret_20": 26.1, "ret_60": 16.0, "ret_120": 14.5, "ret_250": 104.2, "mdd_250": null, "vol_250": null, "pos_52w": 92.6, "eps": 0.055}, "S": {"duration": 24, "pricing": 45, "hard": 1, "bondness": 74}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 90%、股息率 8.1%、最新一年营收增速 -11.4%、资产负债率 38%: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 1%,毛利率最新年报 26.3%。", "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 2.4%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 26.3%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 1%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.2 倍 粗算,约 55%(1 − 5/PE)。中等。"]], "价格行为": "近一年 104%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 26% / 16% / 14%。", "行业对照": ["同富途行业「楼宇建造」100 家中位:PE 13.2 / 股息率 0.0% / 毛利率 8.1% / 固定资产占比 5% / 分红率 0%。", "信越控股:PE 比行业中位低 2.0倍;股息率 比行业中位高 8.1个百分点;毛利率 比行业中位高 18.2个百分点;固定资产占比 比行业中位低 3.9个百分点。"]}}