{"F": {"ts_code": "US.ALHC", "name": "Alignment Healthcare", "mkt": "US", "ccy": "美元", "sw1": "医疗计划", "sw2": "医疗计划", "sw3": "", "ind": "医疗计划", "fin_source": "futu", "market": "NASDAQ", "list_date": "20210326", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 13.54, "pe_ttm": 72.795, "pb": 10.594, "dv_ttm": 0.0, "total_mv": 280867.191746, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [12.4], "rev_series": [39.5], "np_series": [-0.0], "roe_series": [-0.5], "rev_ttm": 39.5, "np_ttm": 0.4, "ocf_ttm": 2.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 7.3, "gm_median": 12.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -0.0, "roe_median": -0.5, "commodity": false, "hard_ratio": 12.8, "fix_assets": 1.2, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.5, "debt_ratio": 83.2, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 46.1, "np_yoy": 99.2, "np_vol": null, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.4, "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": -31.4, "ret_20": -5.8, "ret_60": -34.1, "ret_120": -22.7, "ret_250": -16.5, "mdd_250": null, "vol_250": null, "pos_52w": 53.9, "eps": -0.004}, "S": {"duration": 84, "pricing": 38, "hard": 20, "bondness": 13}, "label": "纯久期", "tags": ["成长兑现"], "text": {"像什么": ["PE TTM 72.8 倍,估值里约 93% 来自 5 年后的假设;固定资产占比 13%,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 13%,毛利率最新年报 12.4%。", "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 7.3%(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 12.4%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 13%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 72.8 倍 粗算,约 93%(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 -16%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -6% / -34% / -23%。", "行业对照": ["同富途行业「医疗计划」11 家中位:PE 25.5 / 股息率 0.0% / 毛利率 13.1% / 固定资产占比 3% / 分红率 25%。", "Alignment Healthcare:PE 比行业中位高 47.3倍;股息率 与行业中位持平;毛利率 比行业中位低 0.7个百分点;固定资产占比 比行业中位高 9.4个百分点。"]}}