{"F": {"ts_code": "HK.03390", "name": "满贯集团", "mkt": "HK", "ccy": "港元", "sw1": "药品分销", "sw2": "药品分销", "sw3": "", "ind": "药品分销", "fin_source": "futu", "market": "主板", "list_date": "20200415", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.248, "pe_ttm": 7.294, "pb": 0.408, "dv_ttm": 0.0, "total_mv": 22171.2, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [24.6], "rev_series": [11.0], "np_series": [0.2], "roe_series": [3.1], "rev_ttm": 11.0, "np_ttm": 0.3, "ocf_ttm": 0.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 27.9, "gm_median": 24.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 1.4, "roe_median": 3.1, "commodity": false, "hard_ratio": 4.7, "fix_assets": 0.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.4, "debt_ratio": 53.4, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 25.2, "np_yoy": 156.9, "np_vol": null, "loss_years": 0, "far_share": 31.0, "earn_yield": 13.7, "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": -13.0, "ret_20": 4.2, "ret_60": -2.7, "ret_120": -9.8, "ret_250": -22.5, "mdd_250": null, "vol_250": null, "pos_52w": 64.4, "eps": 0.018}, "S": {"duration": 17, "pricing": 44, "hard": 8, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 7.3 倍、股息率 0.0%、毛利率最新年报 24.6%、固定资产占比 5%、资产负债率 53%:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 5%,毛利率最新年报 24.6%。", "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 27.9%(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 24.6%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 5%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.3 倍 粗算,约 31%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -22%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 4% / -3% / -10%。", "行业对照": ["同富途行业「药品分销」17 家中位:PE 14.2 / 股息率 0.0% / 毛利率 15.9% / 固定资产占比 3% / 分红率 33%。", "满贯集团:PE 比行业中位低 6.9倍;股息率 与行业中位持平;毛利率 比行业中位高 8.7个百分点;固定资产占比 比行业中位高 1.6个百分点。"]}}