{"F": {"ts_code": "002901.SZ", "name": "大博医疗", "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": "20170922", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 41.22, "pe_ttm": 24.0804, "pb": 4.853, "dv_ttm": 1.4217, "total_mv": 1706588.379, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [85.9, 84.4, 76.7, 67.9, 68.8, 70.5], "rev_series": [15.9, 19.9, 14.3, 15.3, 21.4, 26.0], "np_series": [6.1, 6.7, 0.9, 0.6, 3.6, 6.0], "roe_series": [31.7, 29.2, 3.3, 1.9, 11.6, 18.0], "period": "20260630", "rev_ttm": 27.3, "np_ttm": 7.1, "ocf_ttm": 8.4, "fcf_ttm": 7.0, "fcf_yield": 4.1, "ocf_yield": 4.9, "gm_median": 70.5, "gm_std": 6.2, "gm_stab": 0.91, "gm_chg_2022": -9.2, "npm_median": 18.0, "roe_median": 11.6, "commodity": false, "hard_ratio": 22.4, "fix_assets": 11.5, "goodwill_ratio": 1.3, "pb_calc": 4.85, "capex_dep": 1.24, "interest_debt": 4.2, "debt_ebitda": 0.4, "debt_ratio": 29.9, "debt_mv": 2.5, "payout": 58.1, "div_years": 4, "rev_cagr3": 21.9, "np_cagr3": 86.6, "rev_yoy": 10.7, "np_yoy": 44.7, "np_vol": 212.6, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.2, "consensus_n": 2, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["创伤类产品", 18.0], ["脊柱类产品", 8.0], ["微创外科类产品", 8.0]], "ret_prev_year": 57.3, "ret_prev2_year": -24.2, "ret_ytd": -11.9, "ret_pivot": 64.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.5, "ret_60": 1.3, "ret_120": -7.1, "ret_250": -29.0, "mdd_250": -32.7, "vol_250": 34.3, "pos_52w": 70.6}, "S": {"duration": 45, "pricing": 71, "hard": 36, "bondness": 30}, "label": "中性", "tags": [], "text": {"像什么": ["PE 24.1 倍、股息率 1.4%、毛利率近 5 年中位 70.5%、固定资产占比 22%、有息负债/EBITDA 0.4 倍: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 70.5%),硬资产占比 22%。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 4.1%(经营现金流/市值 4.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 70.5%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -9.2 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 22%,资本开支/折旧 1.24 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.1 倍 粗算,约 79%(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 -33%,年化波动 34%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 -8% / 1% / -7%。", "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%。", "大博医疗:PE 比行业中位低 14.5倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 15.1个百分点;固定资产占比 比行业中位高 0.5个百分点。"]}}