{"F": {"ts_code": "HK.03347", "name": "泰格医药", "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": "20200807", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 39.7, "pe_ttm": 325.409, "pb": 1.524, "dv_ttm": 0.37, "total_mv": 3418273.4185, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [27.4], "rev_series": [76.0], "np_series": [9.0], "roe_series": [4.3], "rev_ttm": 76.0, "np_ttm": 0.9, "ocf_ttm": 8.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 2.3, "gm_median": 27.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 11.8, "roe_median": 4.3, "commodity": false, "hard_ratio": 3.5, "fix_assets": 10.8, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 12.6, "debt_ratio": 14.5, "debt_mv": null, "payout": 120.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 8.2, "np_yoy": 87.9, "np_vol": null, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.3, "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": -6.4, "ret_20": -3.7, "ret_60": 25.9, "ret_120": -7.7, "ret_250": -17.0, "mdd_250": null, "vol_250": null, "pos_52w": 69.8, "eps": 1.142}, "S": {"duration": 100, "pricing": 46, "hard": 6, "bondness": 50}, "label": "纯久期", "tags": [], "text": {"像什么": ["PE TTM 325.4 倍,估值里约 98% 来自 5 年后的假设;固定资产占比 4%,几乎没有重置成本可言。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 4%,毛利率最新年报 27.4%。", "加息期怎么走": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 2.3%(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 27.4%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 4%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 325.4 倍 粗算,约 98%(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 -17%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -4% / 26% / -8%。", "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%。", "泰格医药:PE 比行业中位高 301.3倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位低 44.3个百分点;固定资产占比 比行业中位低 11.1个百分点。"]}}