{"F": {"ts_code": "HK.02509", "name": "荃信生物-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": "20240320", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.44, "pe_ttm": 5.84, "pb": 3.704, "dv_ttm": 0.0, "total_mv": 367218.9648, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [88.5], "rev_series": [9.0], "np_series": [3.4], "roe_series": [68.6], "rev_ttm": 9.0, "np_ttm": 6.2, "ocf_ttm": 5.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 15.7, "gm_median": 88.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 38.1, "roe_median": 68.6, "commodity": false, "hard_ratio": 23.1, "fix_assets": 3.3, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 3.7, "debt_ratio": 57.6, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 431.3, "np_yoy": 191.9, "np_vol": null, "loss_years": 0, "far_share": 14.0, "earn_yield": 17.1, "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": -12.5, "ret_20": -5.2, "ret_60": 6.9, "ret_120": -13.0, "ret_250": -29.9, "mdd_250": null, "vol_250": null, "pos_52w": 45.0, "eps": 1.559}, "S": {"duration": 14, "pricing": 76, "hard": 37, "bondness": 13}, "label": "定价权·品牌", "tags": [], "text": {"像什么": ["没有硬资产(固定资产占比 23%)但有定价权:毛利率最新年报 88.5%、ROE 最新年报 68.6%。", "经营现金流/市值 15.7%,分红率 0%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 88.5%),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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 15.7%(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 88.5%。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 5.8 倍 粗算,约 14%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -30%,现价在 52 周高点的 45%;近 20 / 60 / 120 日 -5% / 7% / -13%。", "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%。", "荃信生物-B:PE 比行业中位低 18.3倍;股息率 与行业中位持平;毛利率 比行业中位高 16.8个百分点;固定资产占比 比行业中位高 8.5个百分点。"]}}