{"F": {"ts_code": "HK.00648", "name": "京玖康疗", "mkt": "HK", "ccy": "港元", "sw1": "医疗设备及用品", "sw2": "医疗设备及用品", "sw3": "", "ind": "医疗设备及用品", "fin_source": "futu", "market": "主板", "list_date": "19901029", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 0.54, "pe_ttm": 7.012, "pb": 1.794, "dv_ttm": 0.0, "total_mv": 5784.3143820000005, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [33.1], "rev_series": [0.7], "np_series": [0.1], "roe_series": [46.5], "rev_ttm": 0.7, "np_ttm": 0.1, "ocf_ttm": 0.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 32.7, "gm_median": 33.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 10.2, "roe_median": 46.5, "commodity": false, "hard_ratio": 0.1, "fix_assets": 0.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.1, "debt_ratio": 43.6, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 24.9, "np_yoy": -97.9, "np_vol": null, "loss_years": 0, "far_share": 29.0, "earn_yield": 14.3, "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": -85.5, "ret_20": -6.1, "ret_60": -81.2, "ret_120": -90.0, "ret_250": -93.9, "mdd_250": null, "vol_250": null, "pos_52w": 2.3, "eps": 0.065}, "S": {"duration": 16, "pricing": 49, "hard": 0, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 7.0 倍、股息率 0.0%、毛利率最新年报 33.1%、固定资产占比 0%、资产负债率 44%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 33.1%),硬资产占比 0%。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": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 32.7%(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 33.1%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 0%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.0 倍 粗算,约 29%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -94%,现价在 52 周高点的 2%;近 20 / 60 / 120 日 -6% / -81% / -90%。", "行业对照": ["同富途行业「医疗设备及用品」46 家中位:PE 18.0 / 股息率 0.0% / 毛利率 56.6% / 固定资产占比 9% / 分红率 22%。", "京玖康疗:PE 比行业中位低 11.0倍;股息率 与行业中位持平;毛利率 比行业中位低 23.5个百分点;固定资产占比 比行业中位低 9.2个百分点。"]}}