{"F": {"ts_code": "002382.SZ", "name": "蓝帆医疗", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗耗材", "ind": "医疗器械", "fin_source": "tushare", "market": "主板", "list_date": "20100402", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.95, "pe_ttm": null, "pb": 0.8408, "dv_ttm": null, "total_mv": 599516.4665, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [64.4, 47.0, 10.2, 12.3, 16.5, 15.7], "rev_series": [78.7, 81.1, 49.0, 49.3, 62.5, 57.4], "np_series": [17.6, 11.6, -3.7, -5.7, -4.5, -7.6], "roe_series": [19.3, 11.4, -3.5, -5.7, -5.0, -9.9], "period": "20260630", "rev_ttm": 66.6, "np_ttm": -5.3, "ocf_ttm": 5.4, "fcf_ttm": 1.9, "fcf_yield": 3.1, "ocf_yield": 9.1, "gm_median": 15.7, "gm_std": 13.5, "gm_stab": 0.14, "gm_chg_2022": -54.2, "npm_median": -7.6, "roe_median": -5.0, "commodity": false, "hard_ratio": 32.4, "fix_assets": 50.2, "goodwill_ratio": 24.3, "pb_calc": 0.84, "capex_dep": 0.73, "interest_debt": 30.7, "debt_ebitda": 3.2, "debt_ratio": 38.5, "debt_mv": 51.2, "payout": null, "div_years": 1, "rev_cagr3": 5.4, "np_cagr3": null, "rev_yoy": 29.7, "np_yoy": 179.7, "np_vol": 50.0, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 12.4, "fwd_pe2": 10.8, "fwd_g1": null, "fwd_g2": 15.0, "peg": 0.83, "consensus_disp": null, "mainbz": [["产品", 50.0], ["健康防护产品", 37.0], ["心脑血管产品", 10.0], ["应急救护产品", 2.0]], "ret_prev_year": 9.2, "ret_prev2_year": -23.2, "ret_ytd": 6.2, "ret_pivot": 35.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.5, "ret_60": 4.0, "ret_120": -21.6, "ret_250": -8.7, "mdd_250": -41.3, "vol_250": 37.2, "pos_52w": 68.7}, "S": {"duration": 100, "pricing": 16, "hard": 52, "bondness": 24}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损", "商誉占比高"], "text": {"像什么": ["资产很重:固定资产占总资产 32%,但毛利率近 5 年中位只有 15.7%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -54.2 个百分点;有息负债/EBITDA 3.2 倍,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 32%),没有定价权:毛利率近 5 年中位 15.7%,稳定度 14%。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": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.1%(经营现金流/市值 9.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.7%,稳定度 14%,2020→2022 成本通胀期毛利率变化 -54.2 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 32%,资本开支/折旧 0.73 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -9%,最大回撤 -41%,年化波动 37%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 -0% / 4% / -22%。", "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%。", "蓝帆医疗:PE ;股息率 ;毛利率 比行业中位低 39.7个百分点;固定资产占比 比行业中位高 10.5个百分点。"]}}