{"F": {"ts_code": "HK.02637", "name": "海西新药", "mkt": "HK", "ccy": "港元", "sw1": "药品", "sw2": "药品", "sw3": "", "ind": "药品", "fin_source": "futu", "market": "主板", "list_date": "20251020", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 199.3, "pe_ttm": 90.673, "pb": 8.162, "dv_ttm": 0.0, "total_mv": 1568635.8911, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [83.4], "rev_series": [6.5], "np_series": [2.0], "roe_series": [16.7], "rev_ttm": 6.5, "np_ttm": null, "ocf_ttm": null, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 0.0, "gm_median": 83.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 30.4, "roe_median": 16.7, "commodity": false, "hard_ratio": 21.8, "fix_assets": 3.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 2.3, "debt_ratio": 13.7, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 30.5, "np_yoy": 36.0, "np_vol": null, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.1, "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": 46.5, "ret_20": 1.3, "ret_60": 9.8, "ret_120": 19.3, "ret_250": 130.7, "mdd_250": null, "vol_250": null, "pos_52w": 65.9, "eps": 2.49}, "S": {"duration": 90, "pricing": 74, "hard": 35, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 90.7 倍、股息率 0.0%、毛利率最新年报 83.4%、固定资产占比 22%、资产负债率 14%: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 83.4%),硬资产占比 22%。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 0.0%(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 83.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 22%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 90.7 倍 粗算,约 94%(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 131%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 1% / 10% / 19%。", "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%。", "海西新药:PE 比行业中位高 75.2倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位高 19.6个百分点;固定资产占比 比行业中位高 4.2个百分点。"]}}