{"F": {"ts_code": "HK.02162", "name": "康诺亚-B", "mkt": "HK", "ccy": "港元", "sw1": "生物技术", "sw2": "生物技术", "sw3": "", "ind": "生物技术", "fin_source": "futu", "market": "主板", "list_date": "20210708", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 79.75, "pe_ttm": 26.743, "pb": 5.165, "dv_ttm": 0.0, "total_mv": 2382416.13885, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [87.7], "rev_series": [8.0], "np_series": [-5.8], "roe_series": [-20.1], "rev_ttm": 8.0, "np_ttm": 9.1, "ocf_ttm": -5.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -2.5, "gm_median": 87.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -73.0, "roe_median": -20.1, "commodity": false, "hard_ratio": 27.6, "fix_assets": 12.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -5.6, "debt_ratio": 34.2, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 74.9, "np_yoy": -6.1, "np_vol": null, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.7, "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": 49.2, "ret_20": -2.6, "ret_60": 44.0, "ret_120": 46.9, "ret_250": 19.9, "mdd_250": null, "vol_250": null, "pos_52w": 88.9, "eps": -1.937}, "S": {"duration": 49, "pricing": 76, "hard": 44, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 26.7 倍、股息率 0.0%、毛利率最新年报 87.7%、固定资产占比 28%、资产负债率 34%: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 87.7%),硬资产占比 28%。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 -2.5%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 87.7%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 28%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.7 倍 粗算,约 81%(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 20%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 -3% / 44% / 47%。", "行业对照": ["同富途行业「生物技术」83 家中位:PE 24.1 / 股息率 0.0% / 毛利率 71.7% / 固定资产占比 15% / 分红率 0%。", "康诺亚-B:PE 比行业中位高 2.6倍;股息率 与行业中位持平;毛利率 比行业中位高 16.0个百分点;固定资产占比 比行业中位高 13.0个百分点。"]}}