{"F": {"ts_code": "HK.03692", "name": "翰森制药", "mkt": "HK", "ccy": "港元", "sw1": "药品", "sw2": "药品", "sw3": "", "ind": "药品", "fin_source": "futu", "market": "主板", "list_date": "20190614", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 36.24, "pe_ttm": 28.58, "pb": 5.053, "dv_ttm": 1.19, "total_mv": 21976479.85368, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [90.0], "rev_series": [167.1], "np_series": [61.8], "roe_series": [17.5], "rev_ttm": 167.1, "np_ttm": 76.6, "ocf_ttm": 35.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 1.6, "gm_median": 90.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 37.0, "roe_median": 17.5, "commodity": false, "hard_ratio": 7.8, "fix_assets": 30.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 72.9, "debt_ratio": 11.4, "debt_mv": null, "payout": 34.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 28.1, "np_yoy": 32.8, "np_vol": null, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.5, "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": 1.0, "ret_20": 10.1, "ret_60": 24.5, "ret_120": 8.4, "ret_250": 2.7, "mdd_250": null, "vol_250": null, "pos_52w": 82.3, "eps": 1.014}, "S": {"duration": 51, "pricing": 77, "hard": 12, "bondness": 32}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 33%,PE TTM 28.6 倍,历史 PEG(PE ÷ 最新增速)0.87。", "经营现金流 35.4 亿(正),没有一致预期数据,风险在增速能否延续。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 90.0%),硬资产占比 8%。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": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 1.6%(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 90.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 8%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.6 倍 粗算,约 83%(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 3%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 10% / 24% / 8%。", "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%。", "翰森制药:PE 比行业中位高 13.1倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位高 26.2个百分点;固定资产占比 比行业中位低 9.8个百分点。"]}}