{"F": {"ts_code": "HK.02651", "name": "大众口腔", "mkt": "HK", "ccy": "港元", "sw1": "医疗及医学美容服务", "sw2": "医疗及医学美容服务", "sw3": "", "ind": "医疗及医学美容服务", "fin_source": "futu", "market": "主板", "list_date": "20250709", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.08, "pe_ttm": 50.142, "pb": 4.13, "dv_ttm": 2.66, "total_mv": 142025.949936, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [37.7], "rev_series": [4.1], "np_series": [0.6], "roe_series": [13.0], "rev_ttm": 4.1, "np_ttm": 0.3, "ocf_ttm": 0.9, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.5, "gm_median": 37.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 13.6, "roe_median": 13.0, "commodity": false, "hard_ratio": 15.8, "fix_assets": 0.8, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.7, "debt_ratio": 27.3, "debt_mv": null, "payout": 133.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -4.6, "np_yoy": -15.3, "np_vol": null, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "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": 194.5, "ret_20": 49.8, "ret_60": 130.0, "ret_120": 300.9, "ret_250": 103.4, "mdd_250": null, "vol_250": null, "pos_52w": 89.7, "eps": 0.617}, "S": {"duration": 71, "pricing": 51, "hard": 25, "bondness": 64}, "label": "中性", "tags": [], "text": {"像什么": ["PE 50.1 倍、股息率 2.7%、毛利率最新年报 37.7%、固定资产占比 16%、资产负债率 27%: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 37.7%),硬资产占比 16%。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 6.5%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 37.7%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 16%。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 50.1 倍 粗算,约 90%(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 103%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 50% / 130% / 301%。", "行业对照": ["同富途行业「医疗及医学美容服务」54 家中位:PE 13.3 / 股息率 0.0% / 毛利率 32.4% / 固定资产占比 15% / 分红率 32%。", "大众口腔:PE 比行业中位高 36.8倍;股息率 比行业中位高 2.7个百分点;毛利率 比行业中位高 5.3个百分点;固定资产占比 比行业中位高 1.2个百分点。"]}}