{"F": {"ts_code": "002223.SZ", "name": "鱼跃医疗", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗设备", "ind": "医疗器械", "fin_source": "tushare", "market": "主板", "list_date": "20080418", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.79, "pe_ttm": 23.0446, "pb": 1.9392, "dv_ttm": 4.6426, "total_mv": 2585387.9251, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [52.7, 48.3, 48.1, 51.5, 50.1, 50.6], "rev_series": [67.3, 68.9, 71.0, 79.7, 75.7, 79.6], "np_series": [17.6, 14.8, 16.0, 24.0, 18.1, 14.8], "roe_series": [26.0, 18.9, 17.6, 22.2, 14.9, 11.5], "period": "20260630", "rev_ttm": 78.7, "np_ttm": 11.2, "ocf_ttm": 15.2, "fcf_ttm": 14.0, "fcf_yield": 5.4, "ocf_yield": 5.9, "gm_median": 50.1, "gm_std": 1.3, "gm_stab": 0.97, "gm_chg_2022": -4.6, "npm_median": 22.1, "roe_median": 17.6, "commodity": false, "hard_ratio": 10.7, "fix_assets": 18.1, "goodwill_ratio": 6.4, "pb_calc": 1.94, "capex_dep": 0.6, "interest_debt": 0.3, "debt_ebitda": 0.0, "debt_ratio": 20.4, "debt_mv": 0.1, "payout": 44.2, "div_years": 5, "rev_cagr3": 3.9, "np_cagr3": -2.4, "rev_yoy": -1.9, "np_yoy": -29.9, "np_vol": 27.4, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.3, "consensus_n": 21, "fwd_pe": 16.7, "fwd_pe2": 14.4, "fwd_g1": 38.0, "fwd_g2": 16.0, "peg": 1.04, "consensus_disp": null, "mainbz": [["呼吸治疗解决方案", 32.0], ["临床器械及康复解决方案", 25.0], ["家用健康检测解决方案", 21.0], ["血糖管理及POCT解决方案", 17.0]], "ret_prev_year": 7.3, "ret_prev2_year": 9.8, "ret_ytd": -30.7, "ret_pivot": -8.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.3, "ret_60": 3.5, "ret_120": -26.9, "ret_250": -28.9, "mdd_250": -45.2, "vol_250": 30.4, "pos_52w": 58.1}, "S": {"duration": 44, "pricing": 63, "hard": 17, "bondness": 59}, "label": "定价权·品牌", "tags": ["轻资产现金牛", "现金流红利", "股息率≥4%"], "text": {"像什么": ["没有硬资产(固定资产占比 11%)但有定价权:毛利率近 5 年中位 50.1%,稳定度 97%、ROE 近 5 年中位 17.6%。", "自由现金流/市值 5.4%,分红率 44%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 50.1%),硬资产占比 11%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 5.4%(经营现金流/市值 5.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 50.1%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -4.6 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 11%,资本开支/折旧 0.60 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.0 倍 粗算,约 78%(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 -29%,最大回撤 -45%,年化波动 30%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -4% / 4% / -27%。", "行业对照": ["同申万二级「医疗器械」140 家中位:PE 38.6 / 股息率 1.1% / 毛利率 55.4% / 固定资产占比 22% / 分红率 45%。", "鱼跃医疗:PE 比行业中位低 15.6倍;股息率 比行业中位高 3.5个百分点;毛利率 比行业中位低 5.3个百分点;固定资产占比 比行业中位低 11.2个百分点。"]}}