{"F": {"ts_code": "HK.02291", "name": "心泰医疗", "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": "20221108", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.29, "pe_ttm": 19.486, "pb": 1.985, "dv_ttm": 4.33, "total_mv": 458098.322013, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [84.7], "rev_series": [5.9], "np_series": [2.7], "roe_series": [12.0], "rev_ttm": 5.9, "np_ttm": 2.4, "ocf_ttm": 0.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 1.4, "gm_median": 84.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 45.4, "roe_median": 12.0, "commodity": false, "hard_ratio": 5.4, "fix_assets": 1.2, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 3.1, "debt_ratio": 3.0, "debt_mv": null, "payout": 84.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 17.0, "np_yoy": 2.1, "np_vol": null, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.1, "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": -14.3, "ret_20": 11.7, "ret_60": 42.7, "ret_120": -9.8, "ret_250": -39.7, "mdd_250": null, "vol_250": null, "pos_52w": 59.3, "eps": 0.77}, "S": {"duration": 39, "pricing": 74, "hard": 9, "bondness": 68}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 84%、股息率 4.3%、最新一年营收增速 17.0%、资产负债率 3%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 84.7%),硬资产占比 5%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 1.4%(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 84.7%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 5%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.5 倍 粗算,约 74%(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 -40%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 12% / 43% / -10%。", "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%。", "心泰医疗:PE 比行业中位高 1.5倍;股息率 比行业中位高 4.3个百分点;毛利率 比行业中位高 28.1个百分点;固定资产占比 比行业中位低 3.9个百分点。"]}}