{"F": {"ts_code": "HK.06890", "name": "康利国际控股", "mkt": "HK", "ccy": "港元", "sw1": "钢铁", "sw2": "钢铁", "sw3": "", "ind": "钢铁", "fin_source": "futu", "market": "主板", "list_date": "20181119", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.74, "pe_ttm": 5.92, "pb": 0.409, "dv_ttm": 12.16, "total_mv": 44862.648, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [9.1], "rev_series": [18.0], "np_series": [0.4], "roe_series": [4.5], "rev_ttm": 18.0, "np_ttm": 0.8, "ocf_ttm": 0.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 13.5, "gm_median": 9.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.5, "roe_median": 4.5, "commodity": true, "hard_ratio": 19.0, "fix_assets": 3.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.7, "debt_ratio": 45.7, "debt_mv": null, "payout": 72.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -12.7, "np_yoy": -54.8, "np_vol": null, "loss_years": 0, "far_share": 16.0, "earn_yield": 16.9, "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": 150.8, "ret_20": -2.0, "ret_60": 131.2, "ret_120": 142.6, "ret_250": 169.1, "mdd_250": null, "vol_250": null, "pos_52w": 64.9, "eps": 0.073}, "S": {"duration": 14, "pricing": 70, "hard": 30, "bondness": 68}, "label": "现金流红利", "tags": ["商品定价", "股息率≥4%"], "text": {"像什么": ["分红率 72%、股息率 12.2%、最新一年营收增速 -12.7%、资产负债率 46%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 9.1%),硬资产占比 19%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 13.5%(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 9.1%。不能。"], ["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 5.9 倍 粗算,约 16%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 169%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -2% / 131% / 143%。", "行业对照": ["同富途行业「钢铁」23 家中位:PE 6.4 / 股息率 0.0% / 毛利率 6.2% / 固定资产占比 21% / 分红率 13%。", "康利国际控股:PE 比行业中位低 0.5倍;股息率 比行业中位高 12.2个百分点;毛利率 比行业中位高 2.9个百分点;固定资产占比 比行业中位低 2.2个百分点。"]}}