{"F": {"ts_code": "HK.02269", "name": "药明生物", "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": "20170613", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 49.18, "pe_ttm": 35.406, "pb": 3.69, "dv_ttm": 0.0, "total_mv": 20424108.692466002, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [46.0], "rev_series": [242.3], "np_series": [63.8], "roe_series": [11.2], "rev_ttm": 242.3, "np_ttm": 57.2, "ocf_ttm": 50.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 2.5, "gm_median": 46.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 26.3, "roe_median": 11.2, "commodity": false, "hard_ratio": 44.6, "fix_assets": 295.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 84.6, "debt_ratio": 16.7, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 22.0, "np_yoy": 51.9, "np_vol": null, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.8, "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": 56.4, "ret_20": 7.2, "ret_60": 65.6, "ret_120": 36.2, "ret_250": 58.4, "mdd_250": null, "vol_250": null, "pos_52w": 90.3, "eps": 1.309}, "S": {"duration": 59, "pricing": 55, "hard": 71, "bondness": 13}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 52%,PE TTM 35.4 倍,历史 PEG(PE ÷ 最新增速)0.68。", "经营现金流 50.7 亿(正),没有一致预期数据,风险在增速能否延续。"], "为什么(不)算钱的替代品": "硬资产占比 45%、毛利率 46.0% 两条都占,但所在行业(生物技术)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": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "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 46.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 45%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 35.4 倍 粗算,约 86%(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 58%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 7% / 66% / 36%。", "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%。", "药明生物:PE 比行业中位高 11.3倍;股息率 与行业中位持平;毛利率 比行业中位低 25.7个百分点;固定资产占比 比行业中位高 30.0个百分点。"]}}