{"F": {"ts_code": "HK.02348", "name": "东瑞制药", "mkt": "HK", "ccy": "港元", "sw1": "药品", "sw2": "药品", "sw3": "", "ind": "药品", "fin_source": "futu", "market": "主板", "list_date": "20030711", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 0.985, "pe_ttm": 5.533, "pb": 0.375, "dv_ttm": 6.4, "total_mv": 148441.9625, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [49.7], "rev_series": [13.7], "np_series": [2.3], "roe_series": [6.5], "rev_ttm": 13.7, "np_ttm": 2.7, "ocf_ttm": 1.7, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 11.7, "gm_median": 49.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 17.2, "roe_median": 6.5, "commodity": false, "hard_ratio": 25.7, "fix_assets": 11.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 2.8, "debt_ratio": 15.6, "debt_mv": null, "payout": 35.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 21.4, "np_yoy": -60.8, "np_vol": null, "loss_years": 0, "far_share": 10.0, "earn_yield": 18.1, "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": -16.0, "ret_20": -1.5, "ret_60": -5.3, "ret_120": -10.6, "ret_250": -14.9, "mdd_250": null, "vol_250": null, "pos_52w": 81.3, "eps": 0.157}, "S": {"duration": 13, "pricing": 57, "hard": 41, "bondness": 55}, "label": "中性", "tags": ["股息率≥4%"], "text": {"像什么": ["PE 5.5 倍、股息率 6.4%、毛利率最新年报 49.7%、固定资产占比 26%、资产负债率 16%: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 49.7%),硬资产占比 26%。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 11.7%(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 49.7%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 26%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.5 倍 粗算,约 10%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -15%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 -2% / -5% / -11%。", "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%。", "东瑞制药:PE 比行业中位低 10.0倍;股息率 比行业中位高 5.6个百分点;毛利率 比行业中位低 14.1个百分点;固定资产占比 比行业中位高 8.1个百分点。"]}}