{"F": {"ts_code": "HK.02276", "name": "康耐特光学", "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": "20211216", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 42.1, "pe_ttm": 31.093, "pb": 4.745, "dv_ttm": 0.93, "total_mv": 2097715.858, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [42.0], "rev_series": [24.3], "np_series": [6.2], "roe_series": [26.0], "rev_ttm": 24.3, "np_ttm": 6.7, "ocf_ttm": 4.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 2.0, "gm_median": 42.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 25.5, "roe_median": 26.0, "commodity": false, "hard_ratio": 22.9, "fix_assets": 7.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 6.9, "debt_ratio": 22.6, "debt_mv": null, "payout": 29.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 10.9, "np_yoy": 36.1, "np_vol": null, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "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": -21.7, "ret_20": 19.5, "ret_60": 8.6, "ret_120": -27.2, "ret_250": -12.9, "mdd_250": null, "vol_250": null, "pos_52w": 63.5, "eps": 1.239}, "S": {"duration": 54, "pricing": 53, "hard": 37, "bondness": 29}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 36%,PE TTM 31.1 倍,历史 PEG(PE ÷ 最新增速)0.86。", "经营现金流 4.2 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": "只占定价权一条(毛利率 42.0%),硬资产占比 23%。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": "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 2.0%(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 42.0%。能。"], ["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 31.1 倍 粗算,约 84%(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 -13%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 20% / 9% / -27%。", "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%。", "康耐特光学:PE 比行业中位高 13.1倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位低 14.6个百分点;固定资产占比 比行业中位高 13.6个百分点。"]}}