{"F": {"ts_code": "002432.SZ", "name": "九安医疗", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "体外诊断", "ind": "医疗器械", "fin_source": "tushare", "market": "主板", "list_date": "20100610", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 67.6, "pe_ttm": 7.1328, "pb": 1.3614, "dv_ttm": 2.1966, "total_mv": 3150434.456, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [56.3, 63.5, 79.6, 63.6, 70.7, 63.8], "rev_series": [20.1, 24.0, 263.2, 32.3, 25.9, 13.7], "np_series": [2.4, 9.1, 160.3, 12.5, 16.7, 22.7], "roe_series": [13.7, 38.2, 143.0, 6.5, 8.4, 10.6], "period": "20260630", "rev_ttm": 11.3, "np_ttm": 44.2, "ocf_ttm": -3.0, "fcf_ttm": -5.9, "fcf_yield": -1.9, "ocf_yield": -0.9, "gm_median": 63.8, "gm_std": 6.3, "gm_stab": 0.9, "gm_chg_2022": 23.3, "npm_median": 62.6, "roe_median": 10.6, "commodity": false, "hard_ratio": 1.4, "fix_assets": 4.9, "goodwill_ratio": 0.0, "pb_calc": 1.36, "capex_dep": 10.77, "interest_debt": 82.9, "debt_ebitda": null, "debt_ratio": 30.9, "debt_mv": 26.3, "payout": 10.7, "div_years": 5, "rev_cagr3": -62.7, "np_cagr3": -47.9, "rev_yoy": -30.6, "np_yoy": 233.7, "np_vol": 651.4, "loss_years": 0, "far_share": 30.0, "earn_yield": 14.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["iHealth系列产品", 31.0], ["互联网医疗产品及服务", 9.0], ["ODM/OEM产品", 5.0]], "ret_prev_year": -1.4, "ret_prev2_year": 9.6, "ret_ytd": 76.1, "ret_pivot": 77.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.9, "ret_60": 9.5, "ret_120": 26.0, "ret_250": 68.3, "mdd_250": -39.2, "vol_250": 64.3, "pos_52w": 74.2}, "S": {"duration": 16, "pricing": 75, "hard": 2, "bondness": 40}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 7.1 倍、股息率 2.2%、毛利率近 5 年中位 63.8%、固定资产占比 1%、资产负债率 31%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 63.8%),硬资产占比 1%。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": "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?", "自由现金流/市值 -1.9%(经营现金流/市值 -0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 63.8%,稳定度 90%,2020→2022 成本通胀期毛利率变化 23.3 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 1%,资本开支/折旧 10.77 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.1 倍 粗算,约 30%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 68%,最大回撤 -39%,年化波动 64%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 -7% / 10% / 26%。", "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%。", "九安医疗:PE 比行业中位低 31.5倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位高 8.4个百分点;固定资产占比 比行业中位低 20.5个百分点。"]}}