{"F": {"ts_code": "US.HVT.A", "name": "哈弗蒂家具-A", "mkt": "US", "ccy": "美元", "sw1": "家居装修零售", "sw2": "家居装修零售", "sw3": "", "ind": "家居装修零售", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 29.04, "pe_ttm": 21.043, "pb": 1.539, "dv_ttm": 4.24, "total_mv": 45283.889904, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [60.7], "rev_series": [7.6], "np_series": [0.2], "roe_series": [6.4], "rev_ttm": 7.6, "np_ttm": 0.2, "ocf_ttm": 0.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 13.4, "gm_median": 60.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.6, "roe_median": 6.4, "commodity": false, "hard_ratio": 53.5, "fix_assets": 3.5, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.4, "debt_ratio": 52.6, "debt_mv": null, "payout": 89.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 5.0, "np_yoy": -1.1, "np_vol": null, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.8, "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": 30.1, "ret_20": -9.7, "ret_60": 26.2, "ret_120": 25.2, "ret_250": 29.7, "mdd_250": null, "vol_250": null, "pos_52w": 66.9, "eps": 1.19}, "S": {"duration": 41, "pricing": 62, "hard": 86, "bondness": 70}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 89%、股息率 4.2%、最新一年营收增速 5.0%、资产负债率 53%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 54%、毛利率 60.7% 两条都占,但所在行业(家居装修零售)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 13.4%(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 60.7%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 54%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.0 倍 粗算,约 76%(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 30%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 -10% / 26% / 25%。", "行业对照": ["同富途行业「家居装修零售」6 家中位:PE 21.0 / 股息率 2.6% / 毛利率 38.5% / 固定资产占比 40% / 分红率 65%。", "哈弗蒂家具-A:PE 与行业中位持平;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位高 22.2个百分点;固定资产占比 比行业中位高 13.0个百分点。"]}}