{"F": {"ts_code": "HK.06078", "name": "海吉亚医疗", "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": "20200629", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.65, "pe_ttm": 31.981, "pb": 0.806, "dv_ttm": 0.0, "total_mv": 644074.086, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [25.5], "rev_series": [44.6], "np_series": [1.8], "roe_series": [2.5], "rev_ttm": 44.6, "np_ttm": 2.1, "ocf_ttm": 5.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 8.6, "gm_median": 25.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 4.0, "roe_median": 2.5, "commodity": false, "hard_ratio": 47.7, "fix_assets": 56.5, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 7.6, "debt_ratio": 36.4, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -5.7, "np_yoy": -71.8, "np_vol": null, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.1, "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": -14.3, "ret_20": 8.2, "ret_60": 19.3, "ret_120": -15.5, "ret_250": -26.4, "mdd_250": null, "vol_250": null, "pos_52w": 69.2, "eps": 0.301}, "S": {"duration": 55, "pricing": 45, "hard": 76, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 32.0 倍、股息率 0.0%、毛利率最新年报 25.5%、固定资产占比 48%、资产负债率 36%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 48%),没有定价权:毛利率最新年报 25.5%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 8.6%(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 25.5%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 48%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.0 倍 粗算,约 84%(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 -26%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 8% / 19% / -16%。", "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%。", "海吉亚医疗:PE 比行业中位高 18.7倍;股息率 与行业中位持平;毛利率 比行业中位低 6.9个百分点;固定资产占比 比行业中位高 33.1个百分点。"]}}