{"F": {"ts_code": "HK.01110", "name": "金活医药集团", "mkt": "HK", "ccy": "港元", "sw1": "药品分销", "sw2": "药品分销", "sw3": "", "ind": "药品分销", "fin_source": "futu", "market": "主板", "list_date": "20101125", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.42, "pe_ttm": 20.0, "pb": 0.38, "dv_ttm": 0.0, "total_mv": 26145.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [27.0], "rev_series": [10.2], "np_series": [0.4], "roe_series": [1.8], "rev_ttm": 10.2, "np_ttm": 0.1, "ocf_ttm": 0.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 33.5, "gm_median": 27.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 4.2, "roe_median": 1.8, "commodity": false, "hard_ratio": 22.9, "fix_assets": 3.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.8, "debt_ratio": 52.2, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -9.6, "np_yoy": -45.4, "np_vol": null, "loss_years": 0, "far_share": 75.0, "earn_yield": 5.0, "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": -19.2, "ret_20": -8.7, "ret_60": 5.0, "ret_120": -16.0, "ret_250": -27.6, "mdd_250": null, "vol_250": null, "pos_52w": 53.8, "eps": 0.02}, "S": {"duration": 39, "pricing": 46, "hard": 37, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 20.0 倍、股息率 0.0%、毛利率最新年报 27.0%、固定资产占比 23%、资产负债率 52%:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 23%,毛利率最新年报 27.0%。", "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 33.5%(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 27.0%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 23%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.0 倍 粗算,约 75%(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 -28%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -9% / 5% / -16%。", "行业对照": ["同富途行业「药品分销」17 家中位:PE 14.2 / 股息率 0.0% / 毛利率 15.9% / 固定资产占比 3% / 分红率 33%。", "金活医药集团:PE 比行业中位高 5.8倍;股息率 与行业中位持平;毛利率 比行业中位高 11.1个百分点;固定资产占比 比行业中位高 19.8个百分点。"]}}