{"F": {"ts_code": "HK.01530", "name": "三生制药", "mkt": "HK", "ccy": "港元", "sw1": "药品", "sw2": "药品", "sw3": "", "ind": "药品", "fin_source": "futu", "market": "主板", "list_date": "20150611", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.24, "pe_ttm": 4.312, "pb": 1.295, "dv_ttm": 1.54, "total_mv": 4105868.1130879996, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [92.4], "rev_series": [196.8], "np_series": [101.2], "roe_series": [40.1], "rev_ttm": 196.8, "np_ttm": 92.7, "ocf_ttm": 96.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 23.6, "gm_median": 92.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 51.4, "roe_median": 40.1, "commodity": false, "hard_ratio": 16.5, "fix_assets": 54.8, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 120.4, "debt_ratio": 16.0, "debt_mv": null, "payout": 7.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 103.1, "np_yoy": 328.8, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 23.2, "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": -32.1, "ret_20": -9.6, "ret_60": 0.1, "ret_120": -25.0, "ret_250": -40.7, "mdd_250": null, "vol_250": null, "pos_52w": 44.4, "eps": 3.714}, "S": {"duration": 10, "pricing": 78, "hard": 26, "bondness": 25}, "label": "定价权·品牌", "tags": [], "text": {"像什么": ["没有硬资产(固定资产占比 16%)但有定价权:毛利率最新年报 92.4%、ROE 最新年报 40.1%。", "经营现金流/市值 23.6%,分红率 7%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 92.4%),硬资产占比 16%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 23.6%(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 92.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 16%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 4.3 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -41%,现价在 52 周高点的 44%;近 20 / 60 / 120 日 -10% / 0% / -25%。", "行业对照": ["同富途行业「药品」55 家中位:PE 15.5 / 股息率 0.8% / 毛利率 63.8% / 固定资产占比 18% / 分红率 29%。", "三生制药:PE 比行业中位低 11.2倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 28.6个百分点;固定资产占比 比行业中位低 1.1个百分点。"]}}