{"F": {"ts_code": "HK.06198", "name": "青岛港", "mkt": "HK", "ccy": "港元", "sw1": "航运及港口", "sw2": "航运及港口", "sw3": "", "ind": "航运及港口", "fin_source": "futu", "market": "主板", "list_date": "20140606", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.27, "pe_ttm": 7.893, "pb": 0.868, "dv_ttm": 5.35, "total_mv": 4719029.7, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [36.7], "rev_series": [209.1], "np_series": [63.7], "roe_series": [12.1], "rev_ttm": 209.1, "np_ttm": 59.4, "ocf_ttm": 31.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.7, "gm_median": 36.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 30.4, "roe_median": 12.1, "commodity": false, "hard_ratio": 38.4, "fix_assets": 272.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 81.2, "debt_ratio": 24.7, "debt_mv": null, "payout": 42.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 3.8, "np_yoy": 4.4, "np_vol": null, "loss_years": 0, "far_share": 37.0, "earn_yield": 12.7, "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": 8.0, "ret_20": 5.5, "ret_60": -0.7, "ret_120": 3.2, "ret_250": 18.6, "mdd_250": null, "vol_250": null, "pos_52w": 94.2, "eps": 0.899}, "S": {"duration": 18, "pricing": 50, "hard": 61, "bondness": 58}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 42%、股息率 5.3%、最新一年营收增速 3.8%、资产负债率 25%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 38%、毛利率 36.7% 看起来两条都占,但价格受管制(航运及港口:电价/通行费/港口费由主管部门或市场化机制定),高毛利来自成本结构不是提价能力。通胀来了它不能提价,利润跟不上通胀,所以不算。", "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 6.7%(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 36.7%。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 7.9 倍 粗算,约 37%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 19%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 6% / -1% / 3%。", "行业对照": ["同富途行业「航运及港口」30 家中位:PE 8.9 / 股息率 4.3% / 毛利率 19.9% / 固定资产占比 41% / 分红率 34%。", "青岛港:PE 比行业中位低 1.0倍;股息率 比行业中位高 1.0个百分点;毛利率 比行业中位高 16.8个百分点;固定资产占比 比行业中位低 2.3个百分点。"]}}